Aegon has announced a £160 million loans partnership with peer-to-peer lender Funding Circle.
Under the deal Aegon will provide loans to small businesses through the framework agreement with Funding Circle.
Over the first 12 months of the agreement, Aegon will provide £160 million of loans which it hopes will help 2,600 UK businesses to get finance. It is hoped this will extend to a four year deal.
The economic secretary to the Treasury Stephen Barclay said the agreement shows the amount of demand for investment the UK currently has.
‘Small businesses are the lifeblood of our economy and it's fantastic news that Aegon are investing through Funding Circle to help them thrive and grow,’ he said.
‘This partnership with one of the UK's largest fintech firms is further proof that the UK remains the global leader in fintech. Aegon's venture also shows that there is significant appetite for inward investment into the UK and we hope to see more deals of this scale in the future.’