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