UK online lender Funding Circle has announced it will be slowing its property lending with plans to fully end the product by mid 2018; the firm is primarily focused on SME lending and says the refocused strategy will help it to increase SME lending and shift its resources for international expansion; property loans have previously only been available to UK borrowers and the product has accounted for approximately 5% of the company's revenue. Source
As marketplace lending continues to mature, we are seeing more options to access this asset class. One of the major...
Yesterday, Funding Circle announced that they have been approved to provide Paycheck Protection Program loans directly through their online portal;...
Funding Circle is recommending shareholders to approve the wind-down of the Funding Circle SME Income Fund; the fund will continue...
During a keynote panel at LendIt Europe Funding Circle CEO Samir Desai wondered if incumbent banks who build fintechs are attempting to pull a fast one on customers; the discussion talked about banks building fintech platforms and delivering better customer experiences; they also touched upon some misconceptions in online lending and the main customer lead channels. Source.
Funding Circle has announced changes to its borrowing rates for small business loans as of November 7; rates will be lower for higher credit quality borrowers and higher for the lower credit quality loans; says with the new rates, investors can expect an average annual return of 7%. Source
Bank partnerships take many forms and there many examples today of win-win relationships between banks and fintechs. Earlier this...
Funding Circle has been approved by the SBA for one of three new licenses for its hallmark 7(a) small business lending program, the only fintech to be approved.
The company beat on revenue growth and loans under management in Q4 2018; revenue growth was 55%, above the 50%...
Oliver White will replace Sean Glithero as Funding Circle’s CFO; White was previously CFO at Vanquis Bank and also spent...