Marketplace lending company Funding Circle (LSE: FCH) announced on Thursday it was named first place winner of the Center for Financial Professionals (CeFPro) FinTech Leaders 2020 Report’s “Business Lending” Category. According to Funding Circle, the FinTech Leaders 2020 Report is an independent study of the global fintech ecosystem and rankings of the leading fintech players around the world.
“CeFPro’s FinTech Leaders report takes the pulse of the industry through end-user votes and perspectives and is supported and endorsed by 60 international industry Advisory Board Members, from across multiple disciplines and geographies. The research report, along with the rankings, are formed from votes cast by end-users. Funding Circle’s pole position in the Business Lending category was entirely decided by industry votes and can be considered an endorsement by their peers with what has been achieved in such a relatively short period of time.”
Bernardo Martinez, Funding Circle US Managing Director, further commented:
“As with our Small Business Choice feature, we’re steadfast in our commitment to product enhancements that will improve the borrower experience and provide more tailor-made solutions. We’re thrilled for the recognition of Funding Circle’s work to improve small business’ access to the capital they need for managing their business.”
Funding Circle reported that to date Funding Circle U.S. has originated loans to more than 14,000 U.S. businesses, with U.S. borrowers currently averaging 11 years in business and $1.4 million in annual sales. The lending platform marked $2 billion of cumulative loan originations and $1 billion of loans under management, meaning that within the U.S. the lender is claimed to hold more small business loans outstanding than almost 98% of US banks.
Funding Circle also recently announced it has securitized $252 million in U.S. business loans. As previously reported, the securitization is Funding Circle’s seventh securitization and the second to take place in the U.S. since the first in August 2019.