Online marketplace Funding Circle raises $65m

by CBR Staff Writer| 17 July 2014

The cash will help the firm connect small business with investors.

Funding Circle, a British online marketplace that connects small business with potential investors, has raised $65m in a Series D funding led by Index Venture.

Since its inception in 2010, Funding Circle has raised a total of $123m in equity funding, and the $65m is its biggest round of funding to date.

The company plans to use the money to improve its product ranges and expand its operation in the US, as well as venture into other global markets.

Funding Circle's CEO and co-founder, Samir Desai, said: "This latest round of funding will fuel our global ambitions and power the next phase of our evolution - catering for the increase in demand we expect to see over the next 12 months."

"Our vision is to build a better financial world, helping more small businesses access finance and offering attractive returns to investors."

After its launch in the US, Funding Circle has increased its lending to business in America by 500% and the company expects to fill the funding shortfall by traditional sources of finance.

The interest rate charged by Funding Circle is mostly similar to the banks but sometimes it is cheaper. The businesses opting for capital get the funding amount within seven days, which is far quicker compared to the time taken by banks.

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