Funding Circle Raises $65 Million in Series D Round
The latest funding would be used to continue to fuel the company’s global growth, expand product ranges and explore new international markets.Online business lending specialist Funding Circle announced it has raised $65 million in a Series D funding round led by Index Ventures with participation from existing investors, Accel Partners, Union Square Ventures and Ribbit Capital. The company said the latest funding would be used to continue to fuel the company’s global growth, expand product ranges and explore new international markets. Launched in 2010, Funding Circle is hoping to change the way small businesses access finance. Through the Funding Circle marketplace, small businesses can borrow directly from thousands of investors, including people and government in the United Kingdom, as well as institutional lenders. Funding Circle USA’s online marketplace allows accredited investors and institutions to invest in small businesses seeking to borrow $25,000 to $500,000 through whole loans or a passive fund.
"We view Funding Circle as a category-defining company that pioneered a marketplace for business loans. Its founders exemplify the new class of fintech entrepreneurs who are combining technology and novel business models to offer much better value than banks and other incumbents have been offering their customers," Neil Rimer, partner and co-founder of Index Ventures, said in a statement. "Funding Circle’s exciting partnership with Santander reflects the degree to which this proposition has entered the mainstream and is recognized by forward-thinking banks as a massive opportunity."