The online lender has named Bank of America Merrill Lynch, Goldman Sachs, Morgan Stanley and Numis Corp to work on their upcoming IPO; the IPO is currently slated for the second or third quarter which may value the company around $2 billion; if successful it would be the largest IPO for a British fintech company; Index Ventures, Union Square Ventures and Accel Partners were early investors in the company. Source
The platform currently works with approximately 1,000 brokers; source reports it is focusing its efforts on brokers using the platform regularly with a new master broker system for inactive intermediaries; Funding Circle is requiring brokers to make at least one introduction to the platform per quarter. Source
Innovative Finance Individual Savings Accounts or IFISAs has the potential to see millions pour into UK P2P lenders from retail investors; Samir Desai, CEO of Funding Circle, tells the FT, “We have done lots of surveys and a huge proportion of the base told us they would like to put all of the money they invest with us through the ISA.”; the IFISAs were approved in April 2016 but the big P2P lenders in the UK have just started to offer them. Source.
Funding Circle has revised its credit underwriting model for its secured property loans offered to SMEs; the new credit underwriting model has been adjusted based on three years of secured property loan data from the platform; the new secured property loan underwriting model will increase rates for certain secured property loans and also expand the firm's secured property loan risk bands beyond A+ and A. Source
2019 was a hard year for the small business lender; Funding Circle fell out of the FTSE 250 after their...
Samir Desai recently chatted with Peer2Peer Finance News; Desai noted that the company started 2020 in a very strong position...
The marketing initiative coincides with the firm's recent rebranding announcement and is part of the company's "Made to Do More" campaign; it is spending GBP12 million ($15.51 million) across media and specialist channels with a focus on business borrower and capital investor awareness; the firm has been a market leader in investment deals in 2017 recently announcing a partnership with Aegon and reporting a $100 million fundraising in January. Source
It has been a big week for industry news. Yesterday, Funding Circle USA launched their fractional marketplace aimed at individual...
In an op-ed in American Banker the head of Funding Circle USA, Bernardo Martinez, calls on the U.S. Small Business...
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[Editor’s note: This is a guest post from Funding Circle. Funding Circle is a platinum sponsor and will be in attendance at LendIt...