Less than a week after crossing the £3bn mark in the UK, small business lender Funding Circle has now crossed the $5bn mark in lending globally. The landmark coincides with more $1bn now having been lent to US businesses, which the firm believes makes it the first lending platform in the world to have facilitated more than $1bn in lending across two markets.
Launched in the UK in 2010, Funding Circle is today active across the UK, US, Germany and the Netherlands. Its loans have to date supported a network of 40,000 businesses, helping to create more than 100,000 new jobs.
The latest milestone follows on from a record November in which over $260m was lent globally, including $175m in the UK and $70m in the US. The latter figure – and indeed the cumulative US volumes – is especially noteworthy as until now it has been difficult to gauge the platform’s traction in the US (whereas in the UK it publishes a broad range of data on its lending).
In a recent survey of US business owners who have borrowed through Funding Circle, 92 per cent said they would return to the platform for future financing needs – another sign that the firm seems to have cemented itself stateside.
The $5bn global total makes Funding Circle the world’s largest online lender to small businesses. Rival Kabbage (which is also globally active) revealed yesterday that it had passed the $4bn mark, giving Funding Circle a significant lead.
“We are proud to see that Funding Circle is quickly becoming the first choice for finance for small businesses globally,” said Samir Desai (pictured), CEO and co-founder of Funding Circle. “With revenues growing 80 per cent in 2017 and our UK business cashflow positive, we look forward to continuing to build on the strong foundations we have put in place this year and helping many more thousands of businesses in 2018.”