Client Overview:
Funding Circle stands at the forefront of commercial lending, with a mission to build the place where small businesses get the funding they need to win. In 2024, they were the first FinTech in the US to be awarded an SBA license since 1982.
The Challenge:
Funding Circle needed to secure new lending licenses for its SBA entity. Funding Circle needed to navigate the licensing process swiftly, cost-effectively without overburdening their already stretched compliance and legal teams.
Brico’s Solution and Results
Brico offered an automated platform that transformed the entire license application workflow for Funding Circle. By slashing application times and costs compared to traditional methods, Brico exceeded expectations.
- Cost Efficiency: Achieved a 32% cost reduction in the licensing process.
- Time Savings: Reduced time spent by the Legal & Compliance teams by ~50% (47 business days vs. usual 90-120 days).
- Effortless Expansion: Demonstrated unparalleled efficiency by adding new licenses in minutes, leveraging existing data to complete 80% of the process automatically for a new license.
Client Testimonial
"In the era of lean operations and cost cutting, Brico was pivotal in propelling a critical business initiative forward, providing unwavering responsive support to overcome any issues. Brico’s product provided leverage to the legal team and helped us to move forward quickly. Brico has become an invaluable partner in our journey."
— Teresa Bruce, Senior Paralegal, Funding Circle
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