Happy 5th birthday, Funding Circle!
In August 2010, the Funding Circle marketplace was launched by 3 university friends, Samir Desai, James Meekings and Andrew Mullinger. £50,000 was lent to small businesses in the UK during the first month.
Fast forward 5 years, and approximately £65 million, or $100 million, is being lent to small businesses in the UK and the US every month. We’ve come a long way in the past 5 years and it’s all thanks to your lending and continued support, so here are some highlights:
– More than $1 billion has been lent to small businesses in the UK and US.
– 42,000 investors, including individuals, the Government-backed British Business Bank, a university, 16 local councils and a number of larger financial organisations are lending to small businesses.
– Your lending has resulted in 12,000 loans to more than 10,000 UK businesses.
– 12,000 loans has created an estimated 36,000 jobs in the UK*.
– Borrowers have gone on to do fantastic things including exporting worldwide, like Moo Free, some have had their goods stocked in major department stores, like Pampeano, and one business, The Stripes Company, has had their fabric feature on the set of a major TV series, Downton Abbey.
– More than £54 million of interest has been earned by investors in both the UK and US
The growth of Funding Circle community would not have been possible without your continued support, so we’d like to thank all of our investors and borrowers for helping to build the Funding Circle marketplace into what it is today.
The Funding Circle team
* Independent research by government think tank Nesta found that businesses that receive a loan through Funding Circle employ on average 11 people, and see an average increase in employment of 27 per cent after receiving finance.