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Peer2Peer Finance News | December 13, 2017

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Funding Circle hits £3bn lending milestone

Funding Circle hits £3bn lending milestone
Suzie Neuwirth

FUNDING Circle has become the first UK peer-to-peer platform to reach the £3bn cumulative lending milestone.

The business finance provider said on its website that “30,948 UK businesses have financed their goals by borrowing £3bn through Funding Circle”.

In comparison, fellow ‘big three’ platforms Zopa and RateSetter have lent out around £2.85bn and £2.2bn respectively.

Zopa, which lent out a record £100m last month, said it expects to reach the £3bn mark in January.

Funding Circle has had a busy year, receiving full Financial Conduct Authority approval in May and unveiling a major re-brand in August. The firm began rolling out its Innovative Finance ISA last week, receiving almost instant sign-ups.

In a recent interview with Peer2Peer Finance News, co-founder and chief executive Samir Desai said that the company wants to get to £100bn a year of new lending, which would create three million new jobs a year.

He also said that Funding Circle is eyeing further international expansion.

“We’re in four markets [UK, Germany, the US and the Netherlands] and we’d like to enter more,” Desai said.

“Everyone else has taken the approach of doing lots of different products in one market; we do the same product but in lots of different countries. Ours is a better model because you get huge synergies on the investor side – if they trust you in one market, they are willing to invest in others.”