• Aug. 19, 2017, 5:39 pm

Funding Circle surpasses $1 billion, celebrates significant raise

Funding Circle's Sam Hodges: “Today's capital injection will allow us to accelerate efforts in the United States and help us better serve the 28 million Main Street small businesses many banks have left behind."

Funding Circle’s Sam Hodges: “Today’s capital injection will allow us to accelerate efforts in the United States and help us better serve the 28 million Main Street small businesses many banks have left behind.”

In the last week, Funding Circle has been making pretty much every type of announcement a growing company can.

The online business lender is celebrating a $150 million capital raise led by DST Global. Additional participants include BlackRock, Baillie Gifford, Sands Capital Ventures, and Singapore-based Temasek. The round was oversubscribed.

Funding Circle's bevy of announcements points to a company in growth mode

Funding Circle’s bevy of announcements points to a company in growth mode

Funding Circle has now raised $273 million in equity funding. The new backers join an investor list which includes Index Ventures, Accel Partners, Union Square Ventures and Ribbit Capital.

Sands Managing Partner Michael Rubin looks forward to watching Funding Circle’s development.

“We look forward to supporting Funding Circle as it continues to transform small business lending with efficiency, transparency and industry leading customer service.”

Funding Circle’s Managing Director for the United States looks forward to seeing the new capital expand the company’s reach stateside.

“Today’s capital injection will allow us to accelerate efforts in the United States and help us better serve the 28 million Main Street small businesses many banks have left behind,” Sam Hodges said. “This year, we’ll continue to invest heavily in technology and talent as we build a transparent, sustainable and diverse marketplace that helps American small businesses get access to the $40 billion per month they need to expand and grow.”

It did not take long to begin investing in that talent, as Funding Circle also announced a pair of hires.

Former Salesforce COO of Platform Chitra Nayak is the new US COO. Ms.Nayak has global experience, having grown Salesforce’s pipeline from $350 million to $2 billion when in charge of global sales development.

David Yu was hired as Global Chief Product Officer. Mr. Yu was formerly the CEO and CTO of Betfair, where he grew revenue to more than $600 million by developing new products and entering new territories.

Funding Circle has also passed the $1 billion total in worldwide loans in its fifth year of operation. They expect to crack the $2 billion mark next year.

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