“Can Funding Circle expand beyond term loans into a daily-use working-capital and pay-later tool for UK SMEs?”
Funding Circle launched in 2010 as a term-loan marketplace for UK SMEs. FlexiPay was launched as a short-term cash-flow product — a flat-fee, 1-12 month installment line of credit usable via card, bank transfer, or direct withdrawal. The product represents Funding Circle's expansion from long-dated term lending into embedded working-capital and pay-later use cases, powered operationally by Modulr's payments API.
Flexipay discloses Modulr as its banking provider, according to the Embedded Finance Index 2026.
Flexipay does not disclose a bank charter of its own; its banking services are provided through Modulr.
Flexipay processes payments through FlexiPay (self-operated Visa card + bank transfer product).
Flexipay's cards are issued through Modulr.
The Embedded Finance Index 2026 maps 3 layers in Flexipay's stack: Payments / PSP (FlexiPay (self-operated Visa card + bank transfer product)); Banking / BaaS (Modulr); Card issuing (Modulr).
Flexipay is founded in 2010 and headquartered in London, UK.
Get a read on where your own stack stands against Flexipay and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.