Funding Circle has raised $65 million in a Series D funding round led by Index Ventures with participation from existing investors, Accel Partners, Union Square Ventures and Ribbit Capital.
The new funding will be used to continue to fuel the company’s global growth, expand product ranges and explore new international markets.
In addition, Robert K. Steel, CEO of Perella Weinberg Partners, will join the Funding Circle board. Steel has around 40 years of public and private sector experience, having served as former Under Secretary for Domestic Finance of the United States Treasury, CEO of Wachovia, vice chairman of Goldman Sachs and Deputy Mayor of New York.
Launched in 2010, Funding Circle has so far lent more than half a billion dollars to over 5,000 businesses.
The news follows Funding Circle’s record growth in both the US and UK markets over the past 12 months. The marketplace lender is on track to lend $600 million in 2014, and independent analysis predicts that the industry will account for $1 trillion within the next decade.
Samir Desai, CEO and co-founder of Funding Circle, said: “We are thrilled to welcome Bob to our board. His expertise and experience is unparalleled. This latest round of funding will fuel our global ambitions and power the next phase of our evolution – catering for the increase in demand we expect to see over the next 12 months.
“Our vision is to build a better financial world, helping more small businesses access finance and offering attractive returns to investors.”
Steel added: “I’m delighted to be joining the Funding Circle board. I have been impressed with the growth of the company over the past four years, and believe there is a unique opportunity for marketplace lending to revolutionize access to finance for small businesses across the globe.
“I hope my experience as CEO of one of America’s largest banks, and my time in the US Treasury department, will support the company as we enter the next stage of our growth.”
