Atom, an app-based bank in the UK, has entered into a lending partnership with small business loan platform Funding Circle.

The collaboration will enable Atom to use Funding Circle platform’s machine learning capabilities to provide £300m of new funding to small businesses.

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The move is expected to support around 4,000 small businesses in the UK.

Atom has already lent £350m through the Funding Circle platform. The latest commitment brings the total value to £650m.

Funding Circle Europe managing director Lisa Jacobs said: “We are excited that Atom bank has strengthened its commitment to supporting small businesses through our technology platform.

“Alongside a wide range of investors, it’s great to see Funding Circle’s machine learning and distribution capabilities being leveraged as a key solution towards increasing the flow of funding to the real economy, powering the economic recovery.”

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Atom chief customer officer Edward Twiddy said: “Ever since we started lending to UK SMEs in 2016 we have been committed to supporting business owners, most recently as a leading lender of broker-led secured loans via CBILS.

“We’re excited to be partnering with Funding Circle, leveraging their market-leading tech to continue our support for British Businesses. By the turn of this year we will have provided over £1bn of lending to UK SMEs alongside what is already £3bn of mortgage lending, making good on our promise to be the bank for those wanting to grow their own business and own their own home.”

Funding Circle’s Instant Decision Lending technology facilitates loan application process for small businesses. The platform is also said to provide lending decisions instantly.