Funding Circle

Funding Circle posts record month

Funding Circle is celebrating a global record month after lending over £120m to businesses throughout October in the UK alone.

In total, 1,721 UK businesses accessed finance last month via the lending platform, which directly and indirectly created 4,400 jobs.

More than 8,900 small businesses have accessed finance through Funding Circle in the last six months, totalling over £630m in loans.

The largest proportion of finance in October went to businesses in the South East (26.29%) with London second (16.99%).

Closely behind were businesses in the Midlands (11.99%), the North West (11.88%) and the North East (10.31%).

The property and construction sector (16.87%) received the largest share of money during October, followed by professional and business support (13.39%) and retail (11.41%).

Last month’s lending figures followed September’s announcement in which Funding Circle reported it had experienced a 59% revenue rise during 2016.

The platform also upgraded its lending tools in September after withdrawing the option for investors to manaully choose which businesses to lend to.

The lending figures followed Funding Circle’s TV advert campaign – which was launched towards the end of August – and ahead of its planned Isa launch later this tax year.

Pictured above from left to right: Andrew Mullinger, Samir Desai and James Meekings, co-founders of Funding Circle 

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