Tens of thousands of enterprises in the United States, the United Kingdom, Germany, and the Netherlands have benefited from its services.įunding Circle is quicker than a traditional bank, providing borrowers with money as soon as one business day after their offer is approved. The organization believes in giving small businesses all around the globe a straightforward application procedure, quick judgments, and white-glove service. It is a worldwide online peer-to-peer loan platform launched in San Francisco, California, in 2010 that has invested over $12 billion in small companies. What is Funding Circle Loan?įunding Circle is a business loan company that offers secured loans ranging from $7,000 to 1.5 million to small enterprises. In this review, we’ll go through the many types of loans that it provides to help you determine whether it’s the ideal financing partner for your small company. To assist you to find the ideal loan for your company, we examined its loan products. While the customer reviews are far from ideal, they provide a competitive service with a straightforward funding circle website and flexible terms loans.
The UK government, including Harriett Baldwin, economic secretary to the Treasury, has encouraged the growth of peer to peer lending as an alternative to conventional bank lenders, especially the larger high street banks which have been hit by the greater regulation that followed the financial crisis. “We are focusing on building the business,” he said. In October, Funding Circle acquired its German rival Zencap in its first expansion into continental Europe.įounded by Meekings, Samir Desai and Andrew Mullinger, Funding Circle was valued at about $1bn (£680m) this year in a funding round that gave it the “unicorn” status accorded to any privately owned digital business that reaches a $1bn valuation.įunding Circle has long been a candidate to list on the stock market as a public company though a spokesman said there were no immediate plans to do so. We want to become the first choice for small business finance by making small business lending faster and easier than ever before.” We’re building the infrastructure where any investor, big or small, can lend. For too long, they were reliant on a single line of credit from traditional providers. James Meekings, co-founder of Funding Circle, said: “We’re committed to creating opportunities for small businesses that didn’t exist before. They have also been boosted by a reluctance among bigger banks to take on risk after the financial crash of 2008. Peer to peer lending has gained prominence in recent years, with a number of players, including Funding Circle rival Zopa and P2P Global Investments, taking advantage of digital technology that helps match investors with borrowers.
Investors at Funding Circle include 45,000 individuals, the government-backed British Business Bank, 19 local authorities, a university and a range of financial institutions. It is a peer to peer lender, meaning it matches investors to small and mid-sized companies needing loans. Funding Circle, which was launched in 2010, is the third-largest net lender to small businesses in the UK after RBS and Lloyds Banking Group, according to Bank of England statistics for the third quarter of 2015.