Top online small business lending platform, Funding Circle (LSE:FCH), announced the hiring of Kaustubh “Kos” Joshi as the Head of Embedded Finance & Partnerships for its U.S. operations. The former Goldman Sachs executive will oversee the implementation of Funding Circle’s strategies to draw a larger number of small businesses using its platform and forming strategic alliances.
With over 15 years of experience in the finance industry, Joshi brings significant expertise in strengthening alliances, developing digital capabilities, and driving customer-focused innovations. His appointment comes at a crucial time for Funding Circle as they aim to broaden their reach and solidify their position as a leading small business lender in the United States.
Kaustubh Joshi’s Background and Role
Joshi, who earlier served as the Head of Product for Embedded Business Financing at Goldman Sachs, played a vital role in launching and expanding their embedded SMB financing segment, along with their collaboration with Apple. He expressed enthusiasm in leading Funding Circle’s efforts to attract more small businesses by utilizing their adaptable embedded platform that provides various financing products, including SBA 7(a) loans. In a statement, Joshi shared his excitement for this new opportunity, stating that he believes Funding Circle is well-positioned to become the go-to platform for small businesses seeking diverse funding options. By leveraging the company’s innovative and adaptable technology, they aim to create a seamless experience for entrepreneurs and transform the way these businesses secure the capital necessary for growth and success.
Steve Allocca Welcomes Joshi
Steve Allocca, U.S. Managing Director at Funding Circle, greeted Joshi and emphasized the enormous potential for the organization in catering to more small businesses through the strategic use of its embedded platform technology in partnerships. Allocca went on to highlight the significance of collaboration and synergy in expanding the reach of Funding Circle, ultimately providing valuable support to small businesses that are often underserved by traditional financial institutions. He expressed confidence in Joshi’s leadership and vision, and believes that such partnerships can drive innovation and contribute to the overall growth of the small business landscape.
Funding Circle Receives SBA License
This news comes after the Small Business Administration (SBA) granted Funding Circle a license to generate SBA 7(a) loans up to $5 million nationwide, positioning it as the first and only fintech firm to hold such a distinction. Funding Circle’s ability to offer SBA 7(a) loans presents a unique opportunity for small businesses to access much-needed capital through a streamlined, digital platform. As the leading global small business loans platform, this landmark achievement further reinforces Funding Circle’s commitment to serving the needs of small businesses across the United States.
Collaborative Platform for Partners
Collaborative partners, such as banks, lenders, and other small business service providers, can offer Funding Circle term loans and SBA 7(a) loans up to $500,000 to their clients via the adaptable platform. This platform enables the partnering organizations to streamline the loan application process, making it more straightforward and accessible for small business owners in need of financing. Additionally, the collaboration helps facilitate faster loan approvals and fosters a personalized experience for clients, further contributing to their overall satisfaction and financial success.
Funding Circle’s Impact on Small Businesses
Since 2010, Funding Circle has facilitated $4.5 billion to 45,000 small businesses in the U.S. and $21.1 billion to 143,300 small businesses worldwide. This impressive growth has solidified Funding Circle’s position as a leading platform for connecting small businesses with the financing they need to thrive. By offering an alternative to traditional bank loans, Funding Circle has provided a valuable resource that’s shaping the future of small business financing on a global scale.
Strategic Alliances with Apple and Goldman Sachs
Some of its latest partnerships involve Apple and Goldman Sachs. These strategic alliances aim to leverage each company’s strengths, fostering innovation and enhancing their market positions. By joining forces, Apple and Goldman Sachs can create unique products and services, offering customers elevated experiences while expanding each company’s reach. The collaboration with industry giants like Apple and Goldman Sachs demonstrates Funding Circle’s commitment to driving innovation and positive change within the financial sector, benefiting small businesses and their clients alike.
FAQ
Who is Kaustubh “Kos” Joshi?
Kaustubh “Kos” Joshi is a finance industry professional with over 15 years of experience. He previously served as the Head of Product for Embedded Business Financing at Goldman Sachs and has recently joined Funding Circle as the Head of Embedded Finance & Partnerships for its U.S. operations.
What will Joshi’s role be at Funding Circle?
Joshi will oversee the implementation of Funding Circle’s strategies to draw a larger number of small businesses using its platform and forming strategic alliances. He will also be responsible for utilizing the embedded platform to provide various financing products, such as SBA 7(a) loans, to small businesses.
Why has Joshi’s appointment come at a crucial time for Funding Circle?
Joshi’s appointment comes at a significant time for Funding Circle as they aim to broaden their reach and solidify their position as a leading small business lender in the United States, especially after receiving an SBA license to generate SBA 7(a) loans up to $5 million nationwide.
What is the importance of strategic partnerships for Funding Circle?
Strategic partnerships are vital for Funding Circle as they allow the company to leverage its innovative and adaptable technology to create a seamless experience for small businesses seeking diverse funding options. These collaborations drive innovation and contribute to the overall growth of the small business landscape.
What opportunities do SBA 7(a) loans offer for small businesses?
The ability to offer SBA 7(a) loans presents a unique opportunity for small businesses to access much-needed capital through a streamlined, digital platform. As the leading global small business loans platform, this further reinforces Funding Circle’s commitment to serving the needs of small businesses across the United States.
What is the impact of Funding Circle on small businesses globally?
Since 2010, Funding Circle has facilitated $4.5 billion to 45,000 small businesses in the U.S. and $21.1 billion to 143,300 small businesses worldwide. By offering an alternative to traditional bank loans, Funding Circle has provided a valuable resource that’s shaping the future of small business financing on a global scale.
What are some notable examples of Funding Circle’s strategic alliances?
Funding Circle has formed strategic alliances with companies like Apple and Goldman Sachs, aiming to leverage each company’s strengths, foster innovation, and enhance their market positions. These collaborations also demonstrate Funding Circle’s commitment to driving innovation and positive change within the financial sector, benefiting small businesses and their clients alike.
First Reported on: yahoo.com
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