LONDON: Funding Circle, the UK peer-to-peer small business lender, is on track to do over £35 million ($53.8 million) in revenues this year, Business Insider can reveal.
Funding Circle’s online platform lets savers lend directly to small businesses at more favourable interest rates than offered by traditional bank savings accounts.
Accounts filed with Companies House in the UK show Funding Circle Holdings, the parent company of both Funding Circle’s UK and US businesses, did revenues of £13.1 million ($20.1 million) in the year to December 31, 2014. That was up from £5.3 million ($8.1 million) in 2013.
But CEO and cofounder Samir Desai says the business is already well on its way to totally eclipsing this figure in 2015. He told Business Insider: “With businesses like ours where we’re growing so fast, the numbers become quite quickly out of date. We’re now actually run rating just shy of treble the revenue we achieved for all of last year.”
That would put revenues for the year somewhere slightly above £35 million ($53.8 million).
Desai says the business is currently lending around $100 million (£64.8 million) a month over its platform, with around $28 million (£18.2 million) of that coming from the US.
