Ibusiness Funding, LLC agreed to acquire Funding Circle USA, Inc. from Funding Circle Holdings plc (LSE:FCH) for £33 million on June 24, 2024. The transaction will be for a total cash consideration of £33 million, for the US business including all loan portfolios. Total cash consideration subject to net asset adjustment at closing.

The proceeds from the transaction will be reviewed in line with Ibusiness allocation framework. The transaction is expected to close by the end of June. As the Ready Capital group already holds an SBLC license, Funding Circle has, with SBA consent, surrendered its SBLC license.

Funding Circle US had gross assets of £89 million as at 31 December 2023. The US business contributed losses of £(23) million to the overall Group in 2023.