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Funding Circle
Funding Circle is a British financial technology company specialising in providing loans and financial services to small and medium-sized enterprises (SMEs). Founded in 2010 as a peer-to-peer lending platform, the company transitioned fully to institutional lending in 2022.
As of 2024, Funding Circle has facilitated over £15 billion in loans. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
Samir Desai, James Meekings and Andrew Mullinger, friends from University of Oxford, first discussed the idea of a peer-to-peer lending marketplace in a public house in 2008.
The meeting occurred during the 2007-09 financial crisis, a period in Britain when the banks were cutting back on "lending to strengthen their balance sheets and meet regulatory demands". It was in this context that the peer-to-peer lending industry grew rapidly in Britain by providing a needed alternative source of capital.
In 2009 Desai, Meekings and Mullinger quit their jobs to co-found the company that would be launched in August 2010 under the name Funding Circle.
Initially, the company operated as a peer-to-peer lending platform. In 2012 the British government used the platform to lend 20 million pounds ($32 million) to small businesses. From launching in 2010 to October 2013 Funding Circle had facilitated £160 million of loans.
In 2013, Funding Circle raised $37 million in funding led by Accel Partners, with additional participation from Ribbit Capital, Union Square Ventures and Index Ventures, increasing the company's total funding to $58 million. This capital raise supported Funding Circle's entry into the US market.
To facilitate its expansion into the US, Funding Circle merged with Endurance Lending Network, a San Francisco-based company founded by Alex Tonelli and Sam Hodges.
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Funding Circle
Funding Circle is a British financial technology company specialising in providing loans and financial services to small and medium-sized enterprises (SMEs). Founded in 2010 as a peer-to-peer lending platform, the company transitioned fully to institutional lending in 2022.
As of 2024, Funding Circle has facilitated over £15 billion in loans. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
Samir Desai, James Meekings and Andrew Mullinger, friends from University of Oxford, first discussed the idea of a peer-to-peer lending marketplace in a public house in 2008.
The meeting occurred during the 2007-09 financial crisis, a period in Britain when the banks were cutting back on "lending to strengthen their balance sheets and meet regulatory demands". It was in this context that the peer-to-peer lending industry grew rapidly in Britain by providing a needed alternative source of capital.
In 2009 Desai, Meekings and Mullinger quit their jobs to co-found the company that would be launched in August 2010 under the name Funding Circle.
Initially, the company operated as a peer-to-peer lending platform. In 2012 the British government used the platform to lend 20 million pounds ($32 million) to small businesses. From launching in 2010 to October 2013 Funding Circle had facilitated £160 million of loans.
In 2013, Funding Circle raised $37 million in funding led by Accel Partners, with additional participation from Ribbit Capital, Union Square Ventures and Index Ventures, increasing the company's total funding to $58 million. This capital raise supported Funding Circle's entry into the US market.
To facilitate its expansion into the US, Funding Circle merged with Endurance Lending Network, a San Francisco-based company founded by Alex Tonelli and Sam Hodges.