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Peer2Peer Finance News | May 27, 2019

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Funding Circle continues US expansion with new Denver office

Funding Circle continues US expansion with new Denver office
Tim Evershed

FUNDING Circle is continuing its US expansion with the opening of a new office in Denver, Colorado.

The peer-to-peer lending platform said it is aiming to hire about 290 new employees over the next two years to support its growth in the area.

The expansion follows rapid growth for Funding Circle in the US, with more than $1bn (£716m) lent in the country since 2014 and $500m in 2017 alone.

Last month Funding Circle US named former PayPal executive Bernardo Martinez as its managing director.

“Denver today serves a hub for both the financial services and technology industries, making it an ideal second home for us in the United States,” said Martinez. “We are excited to become part of the Denver community and grow our team in the Mile High City.”

READ MORE: Funding Circle hires four banks for stock market flotation

In January, Funding Circle US unveiled a strategic partnership with Intrust Bank, a regional lender based in Kansas. The initial phase consists of Intrust funding US small business loans originated through Funding Circle’s platform.

The later stages will include increased investment, with a view to a multi-year funding programme, and joint digital and direct marketing campaigns.

Funding Circle, which launched in the UK in 2010, has now lent more than $5bn to more than 40,000 businesses globally.

READ MORE: Funding Circle to launch two new mobile apps this year