In total, more than 72,000 SMEs have accessed finance through Funding Circle since 2010 with lending growth still in double digits.
P2P lender Funding Circle saw its total loans under management increase 37 per cent to £3.54bn in the first half of 2019, compared to the same period last year when it had £2.58bn.
This growth, coupled with origination growth of 14 per cent to £1.19bn, meant the firm has posted a leap in revenues of 29 per cent.
Funding Circle’s share price has risen 5 per cent on the news, despite the firm also saying that its losses widened £30.8m. In the same period last year it was £27.1m.
After a fall in its share price since its October IPO, Funding Circle’s market cap is now c.£360m. It has cash of £270m. It has spent £63m in 2019, £30m via the launch of new Asset-Backed Securities ("ABS") bond products and a further £5.6m to fund the launch of new private funds.
Samir Desai(pictured), Funding Circle’s CEO and co-founder, said: reiterated last month’s guidance that it expects to grow revenues by c.20 per cent this year due to the uncertain economic environment.
“We continue to benefit from strong repeat dynamics from borrowers, with 46 per cent of Group revenue coming from existing customers, and attracting new investors to the platform.”
We remain confident in our aim to become the world's largest small business loans provider, helping millions of businesses to create jobs and support economic growth. Small businesses remain underserved. Our platform allows them to access the finance they need in a fast and affordable way, whilst at the same time, opening up a stable and attractive asset class to a broad range of investors."