Funding Circle raises $37m in series-C round

The funds will be used to support the company's expansion in the UK and to launch in the US. In the UK, the investment will be used to improve services and develop a range of new borrowing products for businesses, such as commercial property and asset finance.

The company's move across the pond has been facilitated through its joint venture with Endurance Lending Network. Following the tie-up, Endurance will now operate under the Funding Circle brand. The team will be based in San Francisco.

Previous funding
Index Ventures invested £2.5m in Funding Circle in its series-A funding round in April 2011.

Index then led the series-B funding round in March 2012, which saw £10m raised. The round was joined by US-based Union Square Ventures. The company has also received investment form Charles Dunstone, Ed Wray and Jon Moulton. Following these series of investments, Funding Circle had raised a total of $21m.

Company
Established in 2010, Funding Circle was set up to provide finance to businesses and to improve investor returns.

At the time of writing, Funding Circle has attracted 57,016 people to lend to businesses, and has so far lent £165,588,580. According to the company, average net returns are 5.8%, and the average loan amount is around £60,000.

The company employs 100 people and is headquartered in London.

People
Samir Desai is co-founder and CEO of Funding Circle.

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• Topics
• Financials
• Expansion
• UK / Ireland
• Index Ventures
• Accel Ventures