Funding Circle US hits $2bn milestone
FUNDING Circle’s US business has hit the $2bn (£1.5bn) lending milestone, which it says puts it ahead of the majority of mainstream lenders in the country.
The peer-to-peer business lender said it has more US small business loans outstanding than almost 98 per cent of Federal Deposit Insurance Corporation-insured banks (FDIC).
If it were a bank it would be among the 50 largest small business commercial and industrial loan portfolios in the US, according to the latest FDIC data available, cited by Funding Circle.
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“The fact that we have reached this milestone within a little more than five years, putting us in the same league as some banks established a century ago, is evidence that small businesses are underserved by the traditional banking system,” Bernardo Martinez, US managing director of Funding Circle, said.
“Our aim is to become businesses’ first choice for financing across the country by continuing to look for more ways to drive a better, faster borrowing experience.”
Funding Circle’s US business is the group’s second-largest territory, dwarfed only by its home market of the UK, which passed the £4bn mark in January.
Investors can earn from 4.99 per cent in the US and from 4.9 per cent to 6.5 per cent in the UK, depending on which lending product they choose.