Small business lending platform Funding Circle today announced investors have lent more than $5 billion globally to small businesses through the Funding Circle platform. This has supported a network of 40,000 businesses across the UK, USA, Germany and the Netherlands and helped to create more than 100,000 new jobs, the company said in a release.
Today’s news follows a record November for Funding Circle globally with the business facilitating more than $260 million of lending, including $175 million in the UK (£130m), $70 million in the US and $15 million in Continental Europe (€14.5m). This will lead to an estimated 7,500 new jobs.
With US businesses now having accessed more than $1 billion in funding through the platform, Funding Circle said it becomes the first lending platform anywhere in the world to have facilitated more than $1 billion across two markets. Since 2014, Funding Circle has helped approximately 6,700 US businesses access financing.
“Today’s milestones now make Funding Circle the world’s largest small business lending platform with loans outstanding and new monthly originations,” co-founder and CEO Samir Desai said.
“We are proud to see that Funding Circle is quickly becoming the first choice for finance for small businesses globally. With revenues growing 80% in 2017 and our UK business cashflow positive, we look forward to continuing to build on the strong foundations we have put in place this year and helping many more thousands of businesses in 2018.”
“Small businesses are responsible for most net new jobs in America,” co-founder and US managing director Sam Hodges said. “Yet too many of them can’t expand because of difficulty obtaining an affordable loan. Our platform enables growth in the real economy, by more efficiently connecting this unmet credit demand to credit supply in the form of fixed-income investors.”