Funding Circle

Funding Circle lends £123m to businesses in March

Funding Circle provided £123m worth of lending to UK businesses last month, according to the latest figures from the P2P lending platform.

The figure represented an increase on the £113m lent in February.

The company announced in its monthly review that in March it provided 1,831 businesses with access to finance and created 4,670 jobs (directly and indirectly) via its platform.

Funding Circle lent over £701m from September 2017 to March 2018 and more than 10,500 small businesses accessed finance through the platform in the same period.

The South East received the highest proportion of lending from the platform (21.47%), followed by London (18%) and the Midlands (15.11%).

Businesses within the property and construction sector received the highest amount of lending (19.31%), while the professional and business support (12.74%) and manufacturing and engineering (11.34%) sectors were also major recipients.

As of 31st December 2017, Funding Circle had recovered 48% on defaults from 2010 to 2014 inclusive.

Last month, the platform announced that Bernardo Martinez was set to join as its new US managing director.

Pictured above (l-r): Samir Desai, James Meekings and Andrew Mullinger, co-founders of Funding Circle

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