Aegon will fund £160 million in the first year, with Funding Circle estimating it will create 6,400 new jobs. The plan is to run the partnership for four years.
“The strategic partnership we have signed with Funding Circle is another important step in the strategy of Aegon to cooperate with fintech partners in the direct lending landscape,” Aegon CFO Mike de Boer said. “This partnership gives Aegon access to attractive small business loans over the next four years, which helps to further diversify our investment portfolio. High savings inflow of our successful Fintech Knab banking operation is used to invest in the Funding Circle loans.”
Funding Circle has facilitated more than £2.5 billion in loans to 26,000 businesses in the United Kingdom.