Figure Technology Solutions announced its second partnership over the past month, this time with an AI-powered working capital company focused on expanding and democratizing access to financing for small- and medium-sized businesses.

The collaboration with Credibly will help Figure grow its presence in the SMB lending space, one of the company's fastest growing end markets, Figure said in a press release Tuesday.

"The SMB loan capital markets have many of the same dynamics that exist in the mortgage industry, which results in expensive, sclerotic capital markets with limited liquidity," said Michael Tannenbaum, Figure CEO, in the release. "By teaming up with Credibly, we're doubling down on SMBs, one of our biggest recent growth drivers as well as an area where we see enormous untapped demand, particularly from high-performing fintechs looking for capital markets rails that match their origination innovation."

Small- and medium-sized businesses provide almost half of all jobs in the United States and a similar percentage of the gross domestic product. But these businesses have been underserved, as less than half of owners receive the level of funding they seek, according to the release.

Credibly will bring its SMB loans and revenue-based financing products to Figure's Democratized Prime platform, a decentralized lending marketplace that serves as a line of credit for lenders. Credibly is now the second fintech to use the platform as a borrower, the release said.

"Small business owners deserve access to capital that keeps pace with how they operate," said Ryan Rosett, co-founder and co-CEO of Credibly, in the release. "At Credibly, we're committed to leveraging the most innovative technology available to expand working capital access, and working with a partner like Figure helps us deliver faster, more accessible funding in real time."

Credibly has provided more than 61,000 small businesses with more than $3 billion in working capital, according to the release.

The partnership will become effective in the second quarter of this year, following the precedent of Figure's partnership with Agora Data, an AI-powered auto fintech platform. 

Less than a month ago, Figure announced a partnership with LoanDepot. Through integration with Figure's proprietary credit and loan underwriting engine, LoanDepot launched a home loan product that can approve borrowers in as little as five minutes and deliver funding in as few as five days, it said.

Figure went public in September of last year, opening at $36 a share. It currently trades at $37.30 after increasing 3.5% Tuesday.