Online marketplace Funding Circle has announced that they have raised $150m in funding, with the money being used to transform the firm into Britain’s largest small business lender.
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Figures released by the Bank of England in yesterday’s Trends in Lending report showed that lending to smaller businesses through the government’s Funding for Lending Scheme (FLS) dropped by hundreds of millions of pounds in the last quarter.
In the first arrangement of its kind, the high street bank Santander and the crowd funding platform Funding Circle have agreed to pilot a scheme for businesses turned down for loans.