Funding Circle breaks record for third month running
FUNDING CIRCLE’s winning streak is continuing, as the platform has revealed that it has broken its own funding records for the third month in a row.
Investors lent £112.9m in November, marking the first time ever that a European peer-to-peer lending platform has passed the £100m mark in monthly funding. The money was lent to more than 1,500 businesses across the UK, with the total value of new loans averaging £76,053. The largest loan value was £511,680 and the smallest loan value was £5,000.
This is just the latest milestone for the company, which has seen a steady surge of interest since the Bank of England base rate was dropped at the end of August.
September was a record-breaking month for the ‘Big Three’ P2P lenders – Funding Circle, Zopa and RateSetter – and investors have continued to pour into the sector amid rising inflation and diminishing returns from high street bank accounts.
In just one week in November, Funding Circle allocated £32m to more than 460 businesses.
Read more: Funding Circle changes rates