Close
  • Latest News
  • Artificial Intelligence
  • Video
  • Big Data and Analytics
  • Cloud
  • Networking
  • Cybersecurity
  • Applications
  • IT Management
  • Storage
  • Sponsored
  • Mobile
  • Small Business
  • Development
  • Database
  • Servers
  • Android
  • Apple
  • Innovation
  • Blogs
  • PC Hardware
  • Reviews
  • Search Engines
  • Virtualization
Read Down
Sign in
Close
Welcome!Log into your account
Forgot your password?
Read Down
Password recovery
Recover your password
Close
Search
Logo
Subscribe
Logo
  • Latest News
  • Artificial Intelligence
  • Video
  • Big Data and Analytics
  • Cloud
  • Networking
  • Cybersecurity
  • Applications
  • IT Management
  • Storage
  • Sponsored
  • Mobile
  • Small Business
  • Development
  • Database
  • Servers
  • Android
  • Apple
  • Innovation
  • Blogs
  • PC Hardware
  • Reviews
  • Search Engines
  • Virtualization
More
    Subscribe
    Home Latest News
    • Small Business

    Funding Circle Raises $65 Million in Series D Round

    Written by

    Nathan Eddy
    Published July 17, 2014
    Share
    Facebook
    Twitter
    Linkedin

      eWEEK content and product recommendations are editorially independent. We may make money when you click on links to our partners. Learn More.

      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.”

      The news follows Funding Circle’s growth in both the U.S. and U.K. markets over the past 12 months.

      The marketplace lender is on track to lend $600 million in 2014. Since launching in the United States at the end of 2013, Funding Circle has increased its lending to American businesses by 500 percent and is expected to lend $100 million by the end of 2014.

      In addition, Robert Steel, CEO of Perella Weinberg Partners, will join the Funding Circle board. Steel has approximately 40 years of public and private sector experience, having served as former Under Secretary for Domestic Finance of the United States Treasury, CEO of Wachovia, vice chairman of Goldman Sachs and deputy mayor of New York.

      “We are thrilled to welcome Bob to our board. His expertise and experience is unparalleled. 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,” Samir Desai, CEO and co-founder of Funding Circle, said in a statement. “Our vision is to build a better financial world, helping more small businesses access finance and offering attractive returns to investors.”

      In May, the company introduced a new risk tier that allows the company to serve one-quarter more of its U.S. small business loan applicants.

      The tier was designed for borrowers who have traditionally faced difficulty in obtaining a loan, and will also provide an opportunity for investors who seek greater returns and diversification.

      Nathan Eddy
      Nathan Eddy
      A graduate of Northwestern University's Medill School of Journalism, Nathan was perviously the editor of gaming industry newsletter FierceGameBiz and has written for various consumer and tech publications including Popular Mechanics, Popular Science, CRN, and The Times of London. Currently based in Berlin, he released his first documentary film, The Absent Column, in 2013.

      Get the Free Newsletter!

      Subscribe to Daily Tech Insider for top news, trends & analysis

      Get the Free Newsletter!

      Subscribe to Daily Tech Insider for top news, trends & analysis

      MOST POPULAR ARTICLES

      Artificial Intelligence

      9 Best AI 3D Generators You Need...

      Sam Rinko - June 25, 2024 0
      AI 3D Generators are powerful tools for many different industries. Discover the best AI 3D Generators, and learn which is best for your specific use case.
      Read more
      Cloud

      RingCentral Expands Its Collaboration Platform

      Zeus Kerravala - November 22, 2023 0
      RingCentral adds AI-enabled contact center and hybrid event products to its suite of collaboration services.
      Read more
      Artificial Intelligence

      8 Best AI Data Analytics Software &...

      Aminu Abdullahi - January 18, 2024 0
      Learn the top AI data analytics software to use. Compare AI data analytics solutions & features to make the best choice for your business.
      Read more
      Latest News

      Zeus Kerravala on Networking: Multicloud, 5G, and...

      James Maguire - December 16, 2022 0
      I spoke with Zeus Kerravala, industry analyst at ZK Research, about the rapid changes in enterprise networking, as tech advances and digital transformation prompt...
      Read more
      Video

      Datadog President Amit Agarwal on Trends in...

      James Maguire - November 11, 2022 0
      I spoke with Amit Agarwal, President of Datadog, about infrastructure observability, from current trends to key challenges to the future of this rapidly growing...
      Read more
      Logo

      eWeek has the latest technology news and analysis, buying guides, and product reviews for IT professionals and technology buyers. The site’s focus is on innovative solutions and covering in-depth technical content. eWeek stays on the cutting edge of technology news and IT trends through interviews and expert analysis. Gain insight from top innovators and thought leaders in the fields of IT, business, enterprise software, startups, and more.

      Facebook
      Linkedin
      RSS
      Twitter
      Youtube

      Advertisers

      Advertise with TechnologyAdvice on eWeek and our other IT-focused platforms.

      Advertise with Us

      Menu

      • About eWeek
      • Subscribe to our Newsletter
      • Latest News

      Our Brands

      • Privacy Policy
      • Terms
      • About
      • Contact
      • Advertise
      • Sitemap
      • California – Do Not Sell My Information

      Property of TechnologyAdvice.
      © 2024 TechnologyAdvice. All Rights Reserved

      Advertiser Disclosure: Some of the products that appear on this site are from companies from which TechnologyAdvice receives compensation. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. TechnologyAdvice does not include all companies or all types of products available in the marketplace.