P2P lender Funding Circle hits £500m milestone
2 min read
02 February 2015
Peer-to-peer business loan company Funding Circle has passed the half-billion-pound mark of finance accessed by SMEs on its platform.
More than 7,000 businesses have accessed half a billion pounds of finance via Funding Circle in four and a half years. Almost £100m of this was lent in the last quarter of 2014 alone.
Investors are now lending around £35m a month to small businesses, making Funding Circle’s marketplace the fourth-largest net lender to small businesses in the UK.
Funding Circle allows companies to access finance by borrowing directly from people and organisations. Typically a company using the platform to raise funds accesses the finance within two weeks. To be eligible to raise finance on Funding Circle, businesses must typically have a minimum turnover of £50,000 and have been trading for at least two years.
Read more about Funding Circle:
- Funding Circle wants to create a new business finance ecosystem
- Santander to refer businesses to P2P lender Funding Circle
- How to get funding through Funding Circle
More than 36,000 people are signed up to lend through Funding Circle, alongside the government-backed British Business Bank, local councils, universities and financial organisations.
“The demand we’re seeing from businesses for fast and transparent access to finance continues to grow exponentially,” says James Meekings, co-founder of Funding Circle.
“Marketplace lending is increasingly becoming a mainstream part of financial services and there is significant potential for further growth over the next few years. We recently announced another referral partnership with RBS, following the partnership we set up with Santander last year. We believe it will create thousands more opportunities for small businesses to access finance, and achieve increased awareness of the alternatives now available within the business community.”