Funding Circle is a global peer-to-peer lending platform focused on small businesses, matching established and creditworthy businesses who want to borrow with investors who want to lend in the U.S., the U.K., and Continental Europe. In turn, those businesses borrow from a multitude of people through an auction mechanism to get a lower interest rate.
Lenders are able to loan specifically to businesses in their community or businesses that meet certain criteria, such as being environmentally friendly.
Small businesses will initially be able to apply for unsecured loans. The businesses are checked for fraud and must meet a number of minimum credit requirements verified by a credit agency. Experienced underwriters then further analyze and screen businesses before allowing them onto the Funding Circle platform.
Funding Circle was launched in 2010.
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