Funding Circle raises $65 million in Series D funding to support SME access to finance
Funding Circle, the London-based online P2P marketplace that facilitates business lending to SMEs, announced it has raised $65 million in a Series D funding round led by Index Ventures with participation from existing investors.
In total, Funding Circle has now raised $123 million in equity funding.
The new funding will be used to continue to fuel the company’s rapid global growth, expand product ranges and explore new international markets. Currently, the company is a known brand in the US and the UK – partly due to its ability to allow customers access to the capital they need in seven days.
To date, Funding Circle has lent $500 million to 5,000 businesses. The fundraising news follows the company’s recent announcements of growth in the US and UK markets over the past year, with the company projections on track to have lent $600 million by the end of 2014. In a release, Funding Circle said that independent analysis predicts that finance companies operating in the online lending market will account for $1 trillion within the next decade.
Earlier this year, Funding Circle announced a partnership with Santander that will see the bank refer small business customers to the online finance provider. The arrangement requires Santander to be proactive in their referrals in cases where it believes a P2P solution would be better for the customer. Referrals will take place via Santander’s website and in letters to customers.
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