Funding Circle Releases an Update on UK and US Business

Funding Circle released a trading update today that provides some insight into how they are doing in the UK and the US; the leading small business lender has originated £300 million in new loans under the Coronavirus Business Interruption Loan Scheme (CBILS) and they have just been accredited for the Bounce Back Loan Scheme (BBLS) to provide loans up to £50,000; CEO Samir Desai said, “Following our accreditation to CBILS, our UK business has reached its highest ever levels of origination and has represented 16% of approved CBILS loans since we joined the programme.”; the big news from their US business is that they are doing a restructuring that will result in the loss of 85 jobs; they are consolidating their tech team from their San Francisco office into the UK and moving sales and marketing to their Denver office; Funding Circle in the US has approved approximately $800 million in PPP loans. Crowdfund Insider.

  • Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.