£400 million lent and counting. Weekly Lending Review

Week 43: 20 – 26 October 2014

It was an exciting week for all at Funding Circle: you have now helped lend more than £400 million to businesses across the UK. Keep up the good work!

New loans

There were 135 new business loans listed last week and there are currently 85 auctions on the marketplace, available for you to lend to.

The total value of the new listed loans was £8,675,420; averaging at £64,262 per loan. The largest loan value was £250,000 and the smallest loan value was £5,160.

Business loans still available for bidding on for the next 3 days or more:

Weekly marketplace trends

These graphs show the most recent activity on the marketplace. The average gross yield graph is reported weekly and shows a rolling two week average of gross yields. This calculation assumes you reinvest your interest each month and therefore includes the compound interest you earn. Number of loans and value of loans are reported weekly. The dates on the graph should be read as ‘week beginning’, for example: 20-Oct represents the week of 20th – 26th October.

Weekly average gross yield (2 weeks rolling)

yield

Number of listed loans per week

number

Listed loan value per week

value

A small update to the loan conditions

Clause 10.8 of the loan conditions has been updated to reflect the required regulatory wording when a sole trader, unincorporated body or partnership is borrowing for business purposes. It does not affect any obligations of borrowers or investors.

A newly renovated farm cafe thanks to 915 people

In our latest business success story, we’re in the picturesque Somerset village of Newton St. Loe, to visit Celia Gay, owner of Newton Farm Foods. You can read more about what they did with their £60,000 loan and how well they’re getting on in our blog. Did you lend to them?

No loans were defaulted last week

Enjoy lending, The Funding Circle Team

 

 

A newly renovated farm café, thanks to your lending

B60A6701

In our latest business success story, we’re in the picturesque Somerset village of Newton St. Loe, to visit Celia Gay, owner of Newton Farm Foods.

Newton Farm Foods is a family-run farm shop and café, frequented by locals and visitors to the area. Celia uses produce from their award-winning farm to sell and cook in their café.

Although the main focus for Celia and her husband is farming, they have grown and developed their business from milking, to selling meats, to opening a small shop and café on their farm. Their business ‘grew beyond belief’, so Celia started looking for funding to extend the space and to include outdoor seating.

Newton Farm Foods borrowed £60,000 from 915 people through Funding Circle to do this. In this short video you’ll meet Celia, hear first hand how she grew their small farm shop into a successful café, and you can see the finished café and farm shop after the renovation.

Hundreds of people helped Celia grow her business. To find out more about taking out a business loan through Funding Circle, you can find out more on our website.

 

We’re on TV! Weekly Lending Review

Week 42: 13 – 19 October 2014

Last week, you helped lend £6.6 million to businesses across the UK. Funding Circle investors also had gross interest rates of up to 15% accepted into C- risk loans, 14.9% in C risk loans, 13.9% for B risk loans and 11.7% for an A+ risk loan*. When lending, remember to account for fees and expected bad debts as your capital is at risk.

This week we launched our first ever national TV advertising campaign, so keep your eyes peeled over the next 4 weeks!

New loans

There were 122 new business loans listed last week and there are currently 86 auctions on the marketplace, available for you to lend to.

The total value of the new listed loans was £9,361,000; averaging at £76,730 per loan. The largest loan value was £571,200 and the smallest loan value was £5,000.

Business loans still available for bidding on for the next 3 days or more:

Weekly marketplace trends

These graphs show the most recent activity on the marketplace. The average gross yield graph is reported weekly and shows a rolling two week average of gross yields. This calculation assumes you reinvest your interest each month and therefore includes the compound interest you earn. Number of loans and value of loans are reported weekly. The dates on the graph should be read as ‘week beginning’, for example: 13-Oct represents the week of 13th – 19th October.

Weekly average gross yield (2 weeks rolling)

yield

Number of listed loans per week

number

Listed loan value per week

value

We’re on TV!

This week we launched our first ever national TV advertising campaign. This move represents a big step for everyone involved in the company and will help to raise awareness of the Funding Circle marketplace. You can watch the ad and a ‘behind the scenes’ video on our blog.

Loans defaulted last week

Motorcycle parts company. Loan 4006

This Darlington business was incorporated in 2007 and has entered into liquidation. The original loan amount was £40,000 and all affected investors have been notified.

Courier service. Loan 2056

This Berkshire business was incorporated in 1990 and has entered into liquidation. The original loan amount was £10,500 and all affected investors have been notified.

Website development company. Loan 1358

This London-based business was incorporated in 2003 and the business is now in liquidation. The original loan amount was for £50,000 and all affected investors have been notified

Our collections and recoveries team are working to recover the outstanding amounts for all of these loans.

 

Enjoy lending, The Funding Circle Team

 

*Based on all successful bids for Funding Circle loans that were accepted on the marketplace between 13th – 19th October 2014. To view the the gross interest rates (before fees and bad debts) that other investors are bidding at and more, please see our statistics page.

 

Funding Circle launches first ever national TV advertising campaign

Today is an exciting day at Funding Circle as we launch our first ever national TV advertising campaign. This move represents a big step for everyone involved in the company and will help to raise awareness of the Funding Circle marketplace to business owners here in the UK.

To mark the launch, James Meekings, co-founder of Funding Circle said;

“We’re building a business at Funding Circle that is changing the global financial infrastructure. This campaign is a natural next step for us as we continue to build trust and credibility for the brand, and enables us to tell our story in a creative and exciting way.

The team at Karmarama have created a campaign which explains how we operate in visually striking and beautiful way – and we’re looking forward to seeing the results”.

The 30 second advert will run across national TV channels and you can view it here. You can also see a 60 and 10 second version of the advert on our YouTube page, and watch a short video showing how the advert was made.

We hope you enjoy them!

The Funding Circle team

How you can help support new homes being built. Weekly Lending Review

Week 41: 6 – 12 October 2014

Last week, over £9 million of new loans came to the marketplace, including 2 property loans with 2% cashback* available on all successful lending: a £350,000 property development loan with a 7% fixed rate, and a £571,440 commercial mortgage with an 8% fixed rate. Remember, by lending to businesses your capital is at risk.

New loans

There were 131 new business loans listed last week and there are currently 73 auctions on the marketplace, available for you to lend to.

The total value of the new listed loans was £9,244,340; averaging at £70,567 per loan. The largest loan value was £571,440 and the smallest loan value was £5,000.

Business loans still available for bidding on for the next 3 days or more:

Weekly marketplace trends

These graphs show the most recent activity on the marketplace. The average gross yield graph is reported weekly and shows a rolling two week average of gross yields. This calculation assumes you reinvest your interest each month and therefore includes the compound interest you earn. Number of loans and value of loans are reported weekly. The dates on the graph should be read as ‘week beginning’, for example: 6-Oct represents the week of 6th – 12th October.

Weekly average gross yield (2 weeks rolling)

yield

Number of listed loans per week

number

Listed loan value per week

value

Help build houses

Over £15 million of property loans have been funded by you since April this year. Samir Desai, Funding Circle CEO, shares his thoughts about the housing market and how marketplaces such as Funding Circle can help fill the housing gap.

September’s top peer-to-peer industry news

Included in this month’s roundup: UK peer-to-peer lending hits £2 billion, the Funding Circle founders are on the front cover of Bloomberg Markets, and a Funding Circle borrower was featured on CNN.

News you should know

Over the coming weeks we’ll be making some changes to the investor summary page. One of these changes will be separating your accrued interest (the interest that you’ve accumulated that hasn’t yet been paid to you) from the Funding Circle total. You’ll still be able to see what interest you’re accruing, but it won’t be shown in your funds summary pie chart, or your total account balance, anymore.

Minimum bid rates will stay the same for November

We review the minimum bid rates in the middle of every month to decide whether they should be changed or kept the same. This month, we have decided to keep minimum bid rates at their current levels:

A+: 6%

A: 8%

B: 9%

C: 10.2%

C-: 12.2%

Loans defaulted last week

Metalworks. Loan 4653

This Redditch business was incorporated in 2010 and has entered into liquidation. The original loan amount was £20,000 and all affected investors have been notified.

Plumbing and heating business. Loan 4668

This Aberdeenshire-based business was incorporated in 2007 and has fallen behind with their repayments. The original loan amount was £50,000 and all affected investors have been notified.

Accountancy firm. Loan 992

This Manchester business was incorporated in 2007 and the business is now in liquidation. The original loan amount was for £36,000 and all affected investors have been notified.

Domiciliary care. Loans 980 & 1549

This Wiltshire business has been incorporated since 1997 and the business is now in liquidation. The original loan amounts were for £30,000 and £50,000 and all affected investors have been notified.

Our collections and recoveries team are working to recover the outstanding amounts for all of these loans.

Enjoy lending, The Funding Circle Team

*Terms and conditions apply

Unleash the potential of small developers to help resolve the housing crisis

home building

Just as with small business lending, the house-building market in Britain is deeply dysfunctional. Development is being suffocated, helping to inflate house prices and stoke the red-hot rental market. In some parts of the country, the situation is particularly grim. In the East Midlands, housing starts are barely at a third of their peak levels of the mid-2000s. England needs 260,000 homes to be built annually, but just 112,000 homes were completed in 2013-14. And the biggest deficiency is right here in London.

Currently, the home-building burden is being borne by big developers, but it’s a burden they’re struggling to carry on their own. The big developers have consistently warned that they are not in a position to increase supply sufficiently to meet demand.

That is why party conference season has been adorned with promises to address the chronic shortage of residential property. Ed Miliband has pledged to build at least 200,000 new homes a year by 2020, while the Conservatives have promised 100,000 new discounted homes for young people.

These are welcome steps. But so far, all parties have failed to address one of the major issues holding back private sector house-building: a lack of finance available for small developers, the lifeblood of a healthy market. To meet demand, Britain needs to revive the fortunes of small developers, whose market share has dwindled from two-thirds of new private sector homes in 1988 to just over a quarter in 2013. And a major reason for that is a lack of finance.

High street banks are simply not in a position to meet demand. They are saddled with bad debts from the crisis, while tough capital requirements on property loans limit their lending capabilities – the FCA estimates that “slotting” encumbers banks with up to £3bn of additional equity capital requirements. And IT legacy issues make it difficult for them to lend swiftly to developers.

That is why more developers are using online marketplaces to access finance. These are often better-placed to meet small developers’ needs, and have systemic advantages over banks. For the big banks, lending to small developers often isn’t viable, but for online marketplaces it is a specialty and they excel at it. They’re not hamstrung by legacy issues, meaning they can deliver the same level of credit assessment, but in a quicker and more efficient way. At Funding Circle, we have been inundated with small developers coming to us in search of finance.

It is indicative of a broader trend that is likely to accelerate in the next decade, where more small developers and businesses access finance through online marketplaces. These players are now firmly established in the financial mainstream, and can help to unleash the potential of small developers to play their part in solving the house building crisis.

Of course, better access to finance is only part of the solution. It has to be complemented, for example, by changes to the planning system. Developers of all sizes want and need the system to be simpler, cheaper and more efficient.

But unless this country does more to help small developers, the house-building crisis will persist.

Samir Desai, CEO and co-founder

This article first appeared on City AM.

Meet more of the Funding Circle team. Weekly Lending Review

Week 40: 29 September – 5 October 2014

Last week there were over £7.2 million of new business loans listed on the marketplace, including 2 property development loans with 2% cashback* available on all successful lending: a £650,000 loan with an 8% fixed rate and £499,000 loan with an 8% fixed rate. Remember, by lending to businesses your capital is at risk.

New loans

There were 106 new business loans listed last week and there are currently 63 auctions on the marketplace.

The total value of the new listed loans was £7,218,300 that’s an average of £68,097 per loan. The largest loan value was £650,000 and the smallest loan value was £8,260.

Business loans still available for bidding on for the next 3 days or more:

Weekly marketplace trends

These graphs show the most recent activity on the marketplace. The average gross yield graph is reported weekly and shows a rolling two week average of gross yields. This calculation assumes you reinvest your interest each month and therefore includes the compound interest you earn. Number of loans and value of loans are reported weekly. The dates on the graph should be read as ‘week beginning’, for example: 29-Sep represents the week of 29th September – 5th October.

Weekly average gross yield (2 weeks rolling)

yield

Number of listed loans per week

number

Listed loan value per week

value

News you should know

Meet the Business Development team

For the next instalment of our meet the Funding Circle team series we’re with the Business Development team, headed up by Laura McMullen. Who would you like us to interview next?

Displaying estimated returns

We have traditionally displayed returns on the website based on the past performance of Funding Circle loans. We’ve decided that we will now start to show the current estimated return which investors can earn too.

Loans defaulted last week

Stone installation company. Loan 2844

This London business was incorporated in 1998 and has entered into administration. The original loan amount was £100,000 and all affected investors have been notified.

Women’s health club. Loan 2570

This London-based health club was incorporated in 1996 and has entered into liquidation. The original loan amount was £100,000 and all affected investors have been notified.

Maintenance contractor. Loan IDs 874 and 3110

This Boston contractor was incorporated in 1980 and the business is now in liquidation. The original loan amounts were for £75,000 and £40,000 and all affected investors have been notified.

Bridal shop. Loan 3348

This Exeter shop was incorporated in 2007 and is now in liquidation. The original loan amount was £35,000 and all affected investors have been notified.

Our collections and recoveries team are working to recover the outstanding amounts for all of these loans.

 

Enjoy lending, The Funding Circle Team

 

*Terms and conditions apply

Lenders disrupt UK finance. September industry news

Newspapers - Copy

Man at the Bank of Vince would like to say ‘yes’ with his £4bn pot

A year after the British Business Bank’s formal launch, the CEO gave an interview highlighting the success of the programme so far. Backed by a five-year government funding commitment of £4bn, it has already delivered £876m of new lending and investment to small and medium-sized businesses, including £40m through Funding Circle earlier this year.

UK peer-to-peer lending reaches £2bn

The UK’s peer-to-peer finance sector continues to expand quickly, with data showing that cumulative lending has doubled since last December. Major platforms have now lent a combined total of more than £2bn, having reached the £1bn milestone nine months ago, according to figures published by AltFi Data.

Eye-popping street art … and how it broke free of the banks

Street Advertising Services, a Funding Circle borrower was featured on CNN this month, following the £40,000 loan they took in August. The brilliantly creative marketing company is best known for their “World’s Biggest Shave” campaign, a giant Roger Federer face spray painted on a hill in Wimbledon for Gillette. The business owner, Kristian Jeffrey, said banks didn’t seem to grasp his business plan, but he was able to get his loan via Funding Circle within days thanks to your lending.

Upstarts target banks’ lunch

A special report in the Financial Times looked at how technology companies are challenging traditional banks, by nibbling at the fringes of banks’ business model, which are often inefficient and can be undercut. It also predicts that banks may be facing ‘death by a thousand cuts’, with each fintech company taking a small slice of a bank’s business, adding up to a significant proportion of its overall revenues.

Unleash the potential of small developers to help resolve the housing crisis

In a bylined article, our CEO Samir Desai, outlines the issues facing small property developers looking to access finance. Since we extended the types of loans we offer to small businesses who develop or invest in property in April, over £15m has been lent to small developers across the country. England needs 260,000 homes to be built annually, but just 112,000 homes were completed in 2013-14. Your lending is helping to unleash the potential of small developers to play their part in solving the house building crisis.

Lenders Disrupt U.K. Finance Funding Borrowers Banks Snub

And finally, Funding Circle was the cover story for Bloomberg Markets magazine. The in-depth describes how ‘the overthrow of British banking is being plotted in between ping pong games in a 10-story office building near London’s Fleet Street’, and details where the idea came from and how we’ve grown to be Britain’s no. 1 online matchmaker for small business loans.

News

When Kevin met Mike from Moo Free

B60A5475

Moo Free Chocolates is a dairy-free chocolate manufacturer based in Reading. They have been selling their delicious chocolate across the UK and overseas for the past 4 years, with phenomenal success having won a number of awards in the ‘free from’ category.

Kevin has been lending to hundreds of British businesses through Funding Circle for 2 years. Moo Free was one of them.

Last month we took Kevin to meet Mike Jessop, co-founder of Moo Free Chocolates, so Kevin could see how his money has directly helped this business grow.

In this short video you’ll find out first-hand why Kevin chose Moo Free to lend to, what helps him make his lending decisions and what aspects of Funding Circle they like. Kevin not only lends to businesses himself, but also through his company.

If you’re interested in becoming an investor like Kevin, it should only take a few minutes to setup your account and you can explore how it works for free. Remember, by lending to businesses your capital is at risk.

If, like Mike, your business is looking for funds to grow, or you simply need working capital, you can apply online at a time that suits you and we’ll get back to you within 2 working days.

 

Business tips from Celia, owner of Newton Farm Foods

We caught up with Celia Gay, owner of Newton Farm Foods, who shared her top tips for running a small business.

B60A6810

Newton Farm Foods is an award-winning farm based in Newton St Loe, a Somerset village owned almost entirely by the Duchy of Cornwall. They took out a £60,000 business loan through Funding Circle to expand their cafe, where they serve their own beef and pork alongside other locally sourced ingredients.

You’ll meet Celia in this short video and you can find out what struggles she’s come across whilst running her own business, and importantly, how she has overcome them.

These are her top business tips:

  • Find time to use social media.
  • Be prepared – you will have to make sacrifices.
  • You need passion!

 

If your business is looking for expansion capital like Celia, you can apply online and a member of our team will get back to you within 2 working days.

 

 

Your 5 minutes with… the Business Development Team

Following our last couple of interviews where we spent some time with the credit analytics and credit assessment teams, we’re now with the Funding Circle Business Development team, headed up by Laura McMullen; Business Development Director.

The Business Development team primarily focuses on building relationships with introducers, such as accountants, business advisors and finance brokers, who are closely connected to small businesses in the UK. By offering a fast and professional service to them, they’re happy to introduce their best clients to us, helping to bring more lending opportunities to the marketplace. Our fast turnaround times for assessing applications set us apart from other lenders, ensuring we attract the very best businesses.

Day-to-day activities include:

Building and retaining relationships with our introducer base, which could mean anything from meeting them face to face, to speaking to them on the phone, to exchanging emails and helping them submit business applications to us. I’ve been told that no day is the same, as every introducer will have clients within different sectors with different needs.

Hi everyone! Wow you’re a big team. How many of you are there?

Laura M: There’s currently 9 of us, and we all look after a number of Funding Circle introducers. We have James L, Tom, Laura K, Josh, Sandeep, Jeremy, James G and Derek.

BDM team pic

Can you tell me more about the people who typically introduce businesses to us?

Tom S: We see a whole range of people acting as introducers for Funding Circle; they could be anyone from financial brokers, to business consultants to accountants. After signing up for an introducer account on the website, we’ll arrange a call with them to find out more about the types of businesses they work with. Then they can get going and start using our system to help their business clients get funded through our platform.

What’s your goal?

Laura: We are working to make Funding Circle loans a key element of every introducer’s daily tool kit; we want to help them help even more of their business clients.

Tom: And from the investors’ point of view, we want to help bring different types of businesses to the marketplace so they can lend across lots of various industries, helping to diversify their lending.

Laura K: It’s also about providing introducers with a first rate service and giving them any support they need. If we do a good job and they trust us, we can be confident that they’ll bring quality businesses to us time and again.

Jeremy: We make sure that every introducer receives an excellent service. All introducers know they have a single point of contact; their Funding Circle manager, which I think for people who are used to dealing with multiple people at banks, is a big win.

Can you explain why what you do is important for our customers?

Derek: We fill a very valuable gap in the SME lending market, which is good for both the introducer and the business involved. We can offer a source of funding at a competitive rate that businesses may not previously have had access to. More than £370 million has been lent to businesses since 2010, which I think proves that.

James L: Yes exactly; the alternative for introducers would typically be getting a deal through a High Street bank. A lot of people I’ve spoken to have described the bank process as incredibly long-winded. Our process is so much simpler, so once introducers know they can help their clients quickly through Funding Circle, it’s a big win.

Laura K: Having relationships with these introducers also benefits investors, as a lot of the time they will have carried out their own due diligence on the business, before submitting any cases to us. They really do provide added value to loans that come onto the marketplace

So you mentioned that introducers may typically have approached a bank first to help their client. What sets us apart from them?

Josh: Every business advisor or introducer I’ve spoken to is always pleasantly surprised at the level of service we provide to them; especially how fast and simple the process is.

Sandeep: As Tom said earlier, some introducers may not be used to putting deals through to lenders. It’s really encouraging speaking to these people, and hearing how easy they find the system to use.

James L: Exactly, that’s the feedback I hear a lot. Introducers are not going to be specialist peer-to-peer finance brokers, so it’s important we educate them about peer-to-peer lending and its benefits. It’s a big part of what we do. The breadth of our loan products make it easy for us to be in a position to help a lot of their regular customers, ultimately leading to them earning more commission.  

I see, so education is one of the most important roles of your job. How do you it?

Laura M: It really depends on the person, but their Funding Circle account manager is their first port of call. It could be anything from sending an initial letter or information pack, to emailing them or having a phone call. We also run seminars all over the country for introducers, which we know really helps them understand our offering.

Tom: Education is an ongoing process, so for example when we launch something new, we’ll need to speak to the introducers and explain what’s changed. A lot of the time it will be for new products we’re launching which is great, and we take on their feedback which helps shape products going forward.

Can you talk about any products in particular?

James L: Yes, we’ve been reviewing our asset finance offering, and introducers have been invaluable in giving insights into how we can make it better. We’ll be announcing further details of asset finance improvements soon.

Great, I look forward to it! Let’s move on to hear more about you all. When did you all join Funding Circle?

Laura M: I’ve worked in finance and marketing for the past 7 years and I joined Funding Circle at the start of 2012. A lot of new faces have joined since then!

Jeremy: I joined in May this year and I have a banking and leasing background. Obviously that helps, but in terms of how the companies operate, they could not be more far apart. People actually want to speak to you here which makes the job so much more enjoyable!

Josh: I worked in recruitment before, so it’s sort of similar, as I’m still speaking to people a lot. I wanted to work at a startup and every day I find myself doing things that don’t necessarily fit my job spec. But, that’s a good thing, you’re able to learn from so many different people and everyone here is so positive!

James G: I also joined in May and actually came from another peer-to-peer platform. Funding Circle is a lot further down the road though, and you really get the sense that the focus for Funding Circle is to stay for the long term; the proof is in all of the investment the company has attracted. The culture is also fabulous, people have a good time at work which is so different to other working environments!

James L: I joined in October 2012 and was number 40 in terms of employees. Before Funding Circle, I had been working with finance brokers for 8 years, and always with bank lenders. I was initially nervous about changing jobs, but was excited working with a different proposition, and thought (and still think!) there would be a possibility of Funding Circle as a lending marketplace to really change the finance landscape.

Derek: My background is asset finance, and Funding Circle is very different. Asset finance is a mature market in so many ways, and is very set in what it does. If 3% growth was achieved year-on-year, that is considered a success, whereas here we are tripling every year. Sometimes you need to take a chance on something that is still at the early stages of its journey. More importantly, I wanted to improve my Ping Pong….!

I’m not surprised. Having won Ping Pong Fight Club 2 years in a row I’d say you have a good chance of brushing up your skills here.

Let’s finish up with a few questions about you. What’s keeping you all occupied outside of work?

Derek: Cycling, rugby, cricket and socialising. I cycle around 150 miles a week with a cycling club.

Josh: I love running and training for triathlons. I probably run about 10-20 miles every weekend. I really enjoy playing sport, especially rugby.

Jeremy: Unlike these two I don’t run or cycle miles every weekend! I like football, sports, spending time with my family, gardening etc..

Laura K: I recently bought a house and just got a dog so they keep me pretty occupied!

Sandeep: I’m more of a cat person.

Haha, OK. And you two?

Laura: I’m going to a lot of hen dos at the moment; weekends away with friends are always good fun.

James L: I really enjoy sailing, and organising social events within Funding Circle..

Yes James, you’d be ‘Social Sec’ if we had one. When’s the next Breakfast Club? Thanks for your time everyone!

How can you become an introducer at Funding Circle?

It couldn’t be easier, you’ll just need to go onto the intermediaries section of our website and click join or send us an email. We have a range of information packs available to download and we’ll be in touch soon after.

 

Let us know what team you’d like to meet next!

 

Displaying estimated returns

At Funding Circle we are constantly reviewing the information we provide to investors and we’re committed to providing simple and easy to understand information about how Funding Circle works, to help investors make an informed and educated decision about lending.

One area we have been reviewing recently is how we display annual returns investors can expect to achieve. As many of you will know, traditionally we have displayed this return based on past performance of loans.

Whilst we’re happy with how we display this information, we want to do more to give investors an up-to-date representation of the returns they could earn from lending to businesses seeking loans today. Therefore, from today you will see that we are also starting to show current estimated returns. We feel this is a more accurate reflection of the rates people can expect to achieve from lending today.

This figure is calculated based on the average gross interest rate from the last 100 loans, minus our annual fee and expected annual bad debts. It is compounded and before tax. You can read more details on the calculation here. We will still continue to clearly display past returns on our statistics page.

If you have any questions please get in touch or join the conversation on the forum.

The Funding Circle team​.