Brief: Funding Circle Co-Founder James Meekings Comments on Q3 Funding for Lending Data

James Meekings

Newly LSE-listed Funding Circle shared positive findings today, citing its marketplace as the 3rd largest source of finance to UK small businesses in Q3.  James Meekings, co-founder and UK Managing Director of Funding Circle, commented on Bank of England’s newly released Funding for Lending data for Q3.

“When you look at net lending, which is essentially new money into the economy, the Funding Circle marketplace was the 3rd largest source of finance to UK small businesses in Q3 (*Based on Q3 2015 lending figures included in today’s Funding for Lending data, and Q3 2015 Funding Circle lending (£146m) minus repayments (£54.5m),” averred Meekings, co-founder and UK Managing Director of Funding Circle.  “Whilst the Funding for Lending scheme has helped, take up has not driven substantial increases in net lending because it doesn’t solve the cumbersome bank lending process. New forms of innovative finance are growing exponentially however, as they offer a fundamentally better all-round experience to small businesses.”

FLS participant Net lending to SMEs Q3 2015 (£m)
RBS Group   290
Lloyds Banking Group   275
Funding Circle 91.5
Aldermore   83
Arbuthnot Latham   77
Yorkshire Building Society   38
Close Brothers   35
OneSavings Bank   26
Julian Hodge Bank   22
Cambridge & Counties Bank   21
Shawbrook Bank   16

Funding Circle has raised $273 million in equity funding from investors such as DST, BlackRock, Temasek and Index Ventures. In April, Funding Circle announced its Series E round for $150 million, one of Europe’s largest fundraising rounds this year. Funding Circle has lent more than $1.5B to businesses in the UK and US through the Funding Circle marketplace since its inception, according to The Telegraph.

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