Raising Finance

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Funding Circle and Crowdcube secure funding for overseas expansions

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Funding Circle, a marketplace which facilitates P2P lending from individuals and institutions to businesses, raised $65m (£38m) in series D funding led by Index Ventures, money which will be used to further international expansion and expand product ranges.

Launched in 2010, Funding Circle has lent more than £300m to businesses. It has recently embarked upon a partnership with high street bank Santander, which will see the two companies referring customers to each other.

CEO and co-founder Samir Desai said: “This latest round of funding will fuel our global ambitions and power the next phase of our evolution – catering for the increase in demand we expect to see over the next 12 months. Our vision is to build a better financial world, helping more small businesses access finance and offering attractive returns to investors.”

Neil Rimer, partner and co-founder of Index Ventures said: “We view Funding Circle as a category-defining company that pioneered a marketplace for business loans. Its founders exemplify the new class of fintech entrepreneurs who are combining technology and novel business models to offer much better value than banks and other incumbents have been offering their customers.

Meanwhile Crowdcube, the world’s first and leading equity crowdfunding platform, announced the successful completion of a £5m funding round, led by Balderton Capital, a serial investor in financial tech firms and other digital businesses such as Lovefilm and Betfair. This will be followed up by an offering of

Balderton partner Tim Bunting, who will join Crowdcube’s board of directors said: “We love the way Crowdcube is disrupting and democratising investment into businesses seeking growth finance; Balderton is always looking to support new approaches to traditional financial services, and Crowdcube’s trailblazing model makes investment accessible, affordable and transparent.”

This round will be followed up with a £1.2m crowdfunding round, which will open on 22nd July.

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