Funding Circle has declared approximately $235 million in lending for Q2, boosted in part by a solid June that saw $100 million in loans alone. Funding Circle stakes the claim as the “world’s leading online marketplace for business loans”. Funding Circle stated the US market grew a stellar 250% year over year. Funding Circle has loaned over $1.2 billion since 2o1o.
The direct lender presently has operations in the UK and the US but is expected to broaden its reach elsewhere. To aid in platform growth, Funding Circle has hired two recent recruits that come from the traditional banking space. Former Head of Risk Analytics at Barclays Group, Jerome Le Luel will join the company as Global Chief Risk Officer. Manpreet Dhot, previously Chief Credit Officer at American Express within the LatAm market, has also recently joined as Chief Risk Officer in the USA.
Co-founder and CEO Samir Desai said:
“Financial services is undergoing the largest revolution anyone has ever seen. Marketplaces like Funding Circle are at the forefront of this revolution and we’re investing heavily in scaling the team to address the unprecedented demand we’re seeing in the market. Jerome and Manpreet are strong leaders with proven track records in building best-in-class risk management systems that enable rapid and resilient business growth, and we are thrilled to welcome them to the team.”
Le Luel who managed Barclaycard’s £40 billion lending portfolio views Funding Circle as disrupting old guard banks;
“Funding Circle is disrupting the traditional banking sector and changing the way small businesses access finance,” said Le Luel. “Having seen first-hand the challenges facing small businesses, I’m excited to join an innovative company like Funding Circle to help continue to grow its world-class risk and analytics infrastructure and support businesses access to the financing they need.”
Dhot, who will be based in San Francisco added;
“Infusing technology with industry leading risk management, Funding Circle has created a truly transparent marketplace that provides businesses access to affordable and appropriate credit products and investors the ability to build a diversified portfolio. This is a winning combination, and I’m excited to join a company focused on serving the small businesses many banks have left behind.”