23 Apr P2P Lending Platform Funding Circle Raises $150M
Funding Circle announced on Wednesday that it raised an additional $150 million
The new funding round brings the total amount raised to over $273 million, including the $65 million it raised last July. Funding Circle declined to disclose its latest valuation. The funding round is led by Russian billionaire Yuri Milner’s DST Global with participation from Baillie Gifford, BlackRock, Sands Capital, and Temasek.
“We are delighted to support Samir and the team at Funding Circle as they continue to grow and deliver value to both sides of their marketplace,” said Yuri Milner, founder of DST Global in a statement.
Joining the “unicorn” club
While the company’s valuation vaults it into the so-called “unicorn” club, it’s about to pass another billion landmark: Funding Circle is on target to loan out $1 billion on its platform this calendar year.
The company’s service is now available in the United Kingdom and the U.S., and the new funding will be used to expand the service further in both countries.
Safeguards
While peer-to-peer lending has gained traction with both investors and those looking for financing, critics say that it may not offer the same type of safeguards traditionally associated with banks.
Read more about it: New York Times
No Comments