Funding Circle, of which its platform allows peer-to-peer lending, had announced itds consolidation with Endurance Lending Network of San Francisco. According to the UK-based lender co-founder and CEO Samir Desai, the merger would create a major financial network for small business lending.
CO-founder Alex Tonelli of the US-bases startup said about its merger, "Like Funding Circle, Endurance Lending Network was created to help the millions of small businesses being starved of the money they need to grow. As small business owners ourselves, we know how acute the need is for a viable alternative to bank loans."
Endurance Circle coincidentally was born when Tonelli was denied of a USD75,000 loan he had applied to expand his fitness center business. With fellow Stanford University graduate Sam Hodges, Endurance had been helping US small businesses and startups by providing loans up to US500,000. It has since raised a total of USD1.5 million in investment capital from angel investors, including founder and CEO of Second Market Barry Silbert.
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