UK-based peer-to-peer lending platform Funding Circle recently obtained USD37 million in a recent funding round. The Series C funding round was led by Accel Partners, a new investor. Accel's participation saw the appointment of its partner Harry Nelis to Funding Circle's board. Other private equity firms who had participated in the funding round were new investor Ribbit Capital, existing investor Union Square Ventures and Index Ventures. Union Square and Index had earlier backed Funding Circle in the latter's USD6 billion Series B round held April of last year. The new funding would bring Funding Circle's total investment raised to USD58 million.
According to a TechCrunch article, the business model of Funding Circle addresses the need of startups or small businesses that requires money to grow.
Co-founder and CEO Samir Desai said, "The market size in the UK alone has felt gigantic to us. That's the reason why we haven't had to go to other countries. We didn't have to go to the U.S. but we felt it was a huge opportunity and are quite excited."
Funding Circle allows investors to place their investments on a particular project or company. Investors could also spread their investments or let Funding Circle choose on their behalf.
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