Funding Circle surpasses $10bn lent to businesses globally—thanks to the falling pound

The shifting value of Sterling is good for something.

UPDATE 16-08-2019 - This article has been amended to clarify that Funding Circle's cumulative lending as reported in July was $10.2bn. Funding Circle originally told AltFi that the figures sent out today were the result of a decline in the value of Sterling, however later clarified that this is not the case and the release was intended to restate their existing July Q2 figures. References to Sterling have been removed from the article.

Listed peer-to-peer lender Funding Circle has reached a cumulative global lending milestone of more than $10bn.

However, this isn’t an update on the actual amount lent by Funding Circle, whose quarterly underlying figures were reported in July as $10.2bn.

Funding Circle’s cumulative total of $10bn today is still more than double the $5bn which it was reporting just 19 months ago.

Funding Circle positioned the announcement in a release about its US operations, indicating that its active loan portfolio in the American market has grown to over $1bn.

“We are incredibly proud that Funding Circle has become small business’ first choice for loans,” said Bernardo Martinez, Funding Circle’s US Managing Director.

“We look forward to continuing to build on the strong foundations we have put in place to help many more businesses in the years ahead.”

Meanwhile in the UK Funding Circle manages a loan portfolio of $3bn.