18 January 2017
visit http://www.wolterskluwerfs.com

Funding Circle raises $65m; adds former Wachovia boss to board

17 July 2014  |  6418 views  |  0 Dollar note jigsaw

Funding Circle, a UK-based online marketplace for business loans, has raised $65 million in a series d financing round led by Index Ventures. In addition, the firm has added former Wachovia CEO Robert Steel to its board.

Existing investors Accel Partners, Union Square Ventures and Ribbit Capital also joined the round, which takes Funding Circle's total funding to $123 million.

Since launching in 2010, Funding Circle has facilitated more than half a billion dollars in loans to over 5000 businesses and expects to see $600 million lent through its platform this year alone.

Among its fans is the British government, which earlier this year gave the firm £40 million to distribute to businesses. Since then, a deal has also been struck with banking giant Santander, which is now referring some small business customers.

Late last year the company also entered the US market, where it expects to have lent $100 million by the end of 2014.

Samir Desai, CEO, Funding Circle, says: "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."

Meanwhile, industry heavyweight Robert Steel has joined the Funding Circle board. Steel is currently CEO of Perella Weinberg Partners having enjoyed stints as under secretary for domestic finance of the US Treasury and boss of Wachovia.

"I have been impressed with the growth of the company over the past four years, and believe there is a unique opportunity for marketplace lending to revolutionise access to finance for small businesses across the globe," says Steel.
KeywordsFINDEXPEOPLE

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Santander to refer small biz customers to P2P lender Funding Circle

Santander to refer small biz customers to P2P lender Funding Circle

18 June 2014  |  8764 views  |  0 comments | 20 tweets | 13 linkedin
UK government to lend £40m through Funding Circle

UK government to lend £40m through Funding Circle

21 February 2014  |  5450 views  |  1 comments | 6 tweets | 4 linkedin
Funding Circle hires Barclays' Luke Jooste to lead move into property finance

Funding Circle hires Barclays' Luke Jooste to lead move into property finance

18 November 2013  |  4852 views  |  0 comments | 3 tweets
Funding Circle scores $37m investment for US launch

Funding Circle scores $37m investment for US launch

24 October 2013  |  4328 views  |  1 comments | 1 tweets | 1 linkedin
Funding Circle raises £10 million

Funding Circle raises £10 million

04 April 2012  |  5897 views  |  0 comments
P2P lender Funding Circle raises £2.5 million

P2P lender Funding Circle raises £2.5 million

21 April 2011  |  6666 views  |  0 comments
Lending site for small businesses launches

Lending site for small businesses launches

23 August 2010  |  5540 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit wavestone.co.uk Visit contisgroup.com

Top topics

Most viewed Most shared
Banks face big profit loss to digitisation - McKinseyBanks face big profit loss to digitisation...
14004 views comments | 85 tweets | 101 linkedin
Blockchain impact timeline speeds up, massive cost savings forecastBlockchain impact timeline speeds up, mass...
13340 views comments | 39 tweets | 35 linkedin
Seven banks plan blockchain platform for SMEsSeven banks plan blockchain platform for S...
11392 views comments | 47 tweets | 40 linkedin
Accenture beats Brexit blues with largest-ever London startup programmeAccenture beats Brexit blues with largest-...
9682 views comments | 30 tweets | 20 linkedin
Swift goes deeper into the blockchainSwift goes deeper into the blockchain
9648 views comments | 30 tweets | 43 linkedin

Featured job

to Six-Figure Base, Bonus, Benefits
London, UK

Find your next job