The pioneer online platform for business loans, the Funding Circle, announced the forging of a deal to help millions of entrepreneurs and businesses throughout the United States through a venue where these individuals can obtain funds directly from investors.
The business is partnering with Endurance Lending Network, a San Francisco based lending entity to bring together an experienced and home grown team combining local knowledge and proven experience together with game changing technology.
The growth is led by Accel Partners with new investors namely Ribbit Capital and early funding partners such as Union Square Ventures and Index Ventures. The proceeds of the total USD37 million Series C investments would be utilized for new asset and commercial property products providing more lending opportunities to UK business entities.
According to Funding Circle co-founder and CEO Samir Desai, "Financial services is going through the most significant disruption for a generation. The way businesses borrow is being transformed by eliminating the obstacles of an outdated banking system and putting owners directly in touch with investors of an outdated banking system and putting owners directly in touch with investors looking to earn attractive returns."
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