Peer-to-peer (P2P) lender Funding Circle is preparing for a £1 billion float on the London stock market, potentially in the autumn.
Launched in 2010, Funding Circle is a major lending platform for small businesses, and has lent over $5 billion globally. The UK firm has grown particularly quickly in the US, where it has now facilitated over $1 billion in funding – making it the first P2P platform to have lent more than $1 billion across two markets.
The company estimates that 10 per cent of investor money now comes from government sources, including the British Business Bank, European Investment Bank, German government-owned development bank KfW, and local councils across the UK.
The business has also raised £250 million in equity capital from the same investors that backed Facebook, Twitter and Airbnb.
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