Funding Circle has started the New Year with a bang – passing the £200 million mark in total amount lent to small businesses.
A hefty £130 million of that figure was lent in 2013 alone, highlighting the platform’s rapid growth and creating an estimated 6,150 jobs in the UK. Funding Circle has helped over 3,000 businesses across the country gain access to the growth-capital they sorely need. The exponential growth rate of the platform has led to independent estimations that Funding Circle could account for between 10%-20% of small business lending in the next 10 years.
James Meekings, co-founder of Funding Circle, said:
“Over the last three years, Funding Circle has provided businesses with a faster, more efficient way of accessing the finance they need. What we are seeing now is not just the emergence of a challenger model but a fundamentally better method of borrowing and lending that will continue to grow in importance over the coming years.”
“Independent research has shown that 77% of businesses that have borrowed through us would come back to us first, over traditional sources of finance.”
Both individual and institutional lenders have been the driving force behind the platform’s speedy growth. They continue to lend record amounts whilst earning inflation-beating rates. In December 2013, £5.3 million was supplied for UK businesses through the platform in just 7 days.