Funding Circle Holdings PLC shares rose on Tuesday, after it said it has agreed to sell its US business, as it focuses on its UK arm.

Shares in Funding Circle were up 5.8% to 89.90 pence each in London on Tuesday morning.

The small and medium enterprise loans platform said it has sold its US business to iBusiness Funding LLC for £33 million.

iBusiness Funding is a provider of lending solutions for banks and lenders.

In March, Funding Circle announced that it will simplifying its business by exiting the US and focusing on its UK business.

Chief Executive Lisa Jacobs said: ‘Over the last decade, our US team has played a significant role in getting finance to America’s small businesses and I want to thank them for all the commitment that they have shown to our customers. We are pleased that in IBF, one of the leading SMB loan processors, we have found a partner that shares in our mission and we look forward to seeing the success of the combined entity in issuing SBA loans to businesses across the US.’

Funding Circle will announce interim results on September 5.

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