March 6, 2019
By Bob Coleman
Editor, C-Suite Wednesday
C-Suite Wednesday — FinTech Lender, Funding Circle, Tops $2 Billion in Small Business Lending
Funding Circle, a global small business loans platform, announces that investors have lent more than $2 billion through its platform to small businesses in the United States. With this metric, Funding Circle now has more US small business loans outstanding than almost 98% of FDIC-insured banks.
“The fact that we have reached this milestone within a little more than five years, putting us in the same league as some banks established a century ago, is evidence that small businesses are underserved by the traditional banking system,” says Bernardo Martinez, US Managing Director, Funding Circle. “Our aim is to become businesses’ first choice for financing across the country by continuing to look for more ways to drive a better, faster borrowing experience.”
Funding Circle now has more than $1 billion of small business loans in its portfolio, which means that if it were a bank it would be among the 50 largest small business commercial & industrial loan portfolios in the United States, according to the latest FDIC data available
Funding Circle provides a single financial product — fully amortizing small business loans less than $500,000.
Today, 54% of US small businesses still report unmet credit needs.
Funding Circle is a global small business loans platform, connecting businesses who want to borrow with investors who want to lend in the UK, US, Germany and the Netherlands. Since launching in 2010, investors across Funding Circle’s geographies – including more than 88,000 retail investors, banks, asset management companies, insurance companies, government-backed entities and funds – have lent $8.6 billion to 62,000 businesses globally.