Funding Circle, a London, UK-based online marketplace for small businesses to find fast finance and investors increase returns, completed a $37m Series C funding.
The round was led by Accel Partners.
The company intends to use the funds to expand in the UK, by improving the service and introduce a range of new borrowing products for businesses, such as commercial property and asset finance, and launch in the US.
Led by CEO Samir Desai, Funding Circle operates an online marketplace that allows established businesses to find low cost loans and who want to invest money. In the last 12 months, the platform allowed to more than 1,800 businesses to access a total of £110m from over 20,000 investors.
To grow in the US, the company is teaming up with Endurance Lending Network, which will now operate under the Funding Circle brand with the team based in San Francisco.
21/04/2011: Funding Circle Closes £2.5M Series A Financing
27/03/2012: Funding Circle secures £10m ($16m) from Index Ventures and Union Square Ventures as demand for non-bank lending continues