Skip to main content

U.K P2P lender Funding Circle steps towards IPO

Funding Circle CEO and co-founder Samir Desai

Funding Circle

London headquartered fintech unicorn and peer-to-peer lender Funding Circle made known today in a press release of its plans for a public offering on the London Stock Exchange which is aimed to raise £300m ($385.7 million) and with targeted valuation of over £1.5bn ($1.93 billion) on the public markets.

After 8 years since its launch and around $373 million raised in private funding, Funding Circle is now looking to take to the public markets for its expansion while providing liquidity for its shareholders.

The fintech company recorded £63.0 million ($81 million) in the first half of this year growing by 62% compared to the same period last year when it recorded £40.9 million ($52.6 million as of current rates) in revenues. Total loans under management by Funding Circle totalled in excess of £2.5 billion by the first half of this year as reported by its filing.





Funding Circle U.K MD and co-founder James Meekings

Funding Circle

Since inception, It's facilitated over £5 billion in loans for Small and Medium enterprises, Its focus market with 80,000 investors involved in the process. Funding Circle has operations across the UK, US, Germany and the Netherlands with its business model centered on connecting businesses looking to take on credit facilities to both retail and institutional investors who provide the funds.

"At Funding Circle our mission is to build a better financial world. Today's announcement is the start of the next stage in our exciting and transformational journey. Over the last eight years, we have worked hard to build a platform that is number one in every market we operate in." Funding Circle CEO Samir Desai said in a statement.

 "By combining cutting-edge technology with our own proprietary credit models and sophisticated data analytics, we deliver a better deal for small businesses and investors around the world. I am very proud of the team and culture we have created at Funding Circle, both of which have been integral to our success to date".

Having raised a vast amount of capital across several private funding rounds, Notable investors in U.K. based Funding Circle include DST Global, Rocket Internet, Index Ventures, Temasek Holdings, Accel, Union Square Ventures, Baillie Glifford and BlackRock among several others.


Comments

Most Read Posts

The Chainsmokers Close Debut VC Fund

Popular electronic music duo The Chainsmokers, consisting of band members Alexander Pall and Andrew Taggart, have secured $35 million in capital commitments for their debut venture capital fund named Mantis. Among investors who committed to the new fund include luminary venture capitalists Ron Conway, Keith Rabois, and Mark Cuban as well as private equity billionaire James Coulter. The Chainsmokers share management of the venture capital fund with two day-to-day general partners by the name of Milan Koch, an investor who previously worked at seed-stage fund Base Ventures, and Jeffrey Evans, a record label founder and business acquaintance of The Chainsmokers. Not long ago, Mantis made one of its first investments ever in LoanSnap, a San Francisco-based lending startup which it chipped into a $10 million funding round for. Even before the formation of Mantis, The Chainsmokers had been individual angel investors, backing upstarts including Ember Technologies, a maker of temperature-cont…

Apple Debuts A Cheaper Smartwatch

Apple has announced the Apple Watch SE, a cheaper variant of its popular lineup of premium smartwatches. The new Watch SE, taking the 'SE' name that's usually given to more affordable options of Apple's majorly premium products, packs similar features present in normal Apple smartwatches, including the same accelerometer, gyroscope, and always-on altimeter as the also newly unveiled Apple Watch Series 6, as well as safety capabilities including fall detection, Emergency SOS, and international emergency calling. The Apple Watch SE features Retina display, with thin borders and curved corners that's 30% larger than that of the Apple Watch Series 3. It comes with a dual-core processor that caters to fast performance, for comparison up to two times faster than the Apple Watch Series 3. Other of its features include standard ones like Bluetooth connectivity, Apple Siri, and the presence of a speaker and microphone.The basic (GPS) version of the Apple Watch SE will retai…

Tesla Eyes Nickel From Canada

Electric carmaker Tesla is in talks with Giga Metals, a publicly-traded Canadian miner, about helping to develop a large mine that'll provide low carbon nickel for Tesla batteries, as first reported by news agency Reuters. Tesla is apparently seeking to obtain nickel from sources where it can be mined more efficiently due to environmental pollution concerns, and Giga Metals may be one of such sources, with plans to turn waste from its carbon nickel mining operations into cement type rock by harnessing hydropower and carbon dioxide in the atmosphere. Giga refused to give comment specifically on a possible Tesla deal but clarified that it's in talks with automakers regarding its ability to efficiently mine carbon nickel. “The cost of developing our project, excluding bringing hydroelectric power to the site, will be less than $1 billion.” Giga Metals’s President Martin Vydra said in a statement.The demand for nickel is expected to surge globally in the coming years as individual…

Google Pledges 100% Clean Energy By 2030

Technology giant Google has announced a pledge to transition towards 100% renewable energy for its operations by the year 2030, a pledge which seems to be an extraordinary one for a company operating on a massive scale as Google's. The company says it'll work towards this goal beginning with all-round clean energy for all of its data centers and campuses around the globe. Google points out that costs for wind and solar power declined by 70% and 89% between 2009-2019 as a case that'll make it easier for the company to transition towards 100% renewable energy. It's such that the company has published a 27-page whitepaper as regards its transition plan. 
According to Google, its clean energy jobs will help create 12,000 additional jobs between now and 2025. As part of its efforts, Google will work together with more than 500 cities and local governments globally to help reduce carbon emissions. The video embedded below sheds more light on Google's plan, as narrated by…

MicroStrategy Bets Big On Bitcoin

MicroStrategy, a publicly-traded billion-dollar business intelligence company, has adopted cryptocurrency Bitcoin as a major store of fiat value, with the company having allocated a major part of its cash position to Bitcoin. MicroStrategy recently purchased 16,796 Bitcoins for an aggregate price of $175 million, after having previously bought $250 million worth of Bitcoins. The company disclosed its purchase of $175 million worth of Bitcoins on the 14th of September, 2020, after having previously disclosed the purchase of $250 million worth of Bitcoins on the 11th of August, 2020. It's such that MicroStrategy has bet a total of $425 million on Bitcoin, an amount that represents 80% of the company's cash balance sheet as indicated by its most recently released quarterly results. A sizeable portion of MicroStrategy's balance sheet is now made up of Bitcoin, making it one of the rare big companies and more so a publicly traded one to make such a move.Cryptocurrency is usuall…

Zwift Lands $450 Million In Funding

Zwift, a virtual fitness upstart, has announced that it's raised $450 million in funding led by private equity firm KKR, with participation from the likes of Permira, Zone 5 Ventures, the Amazon Alexa Fund, Highland Europe, and the venture capital fund of popular bicycle maker Specialized. The new investment gives the investors a minority stake in Zwift, which says it'll use it to accelerate the development of its software and hardware operations. Zwift is a virtual fitness startup whose core product is interactive software that can be linked to indoor bikes and treadmills to participate in virtual cycling and running competitions. Zwift's attraction lies in combining fitness with the appeal of gaming, pitching users around the globe in virtual fitness competitions among themselves.With the new funding, Zwift has now raised a total of more than $600 million in funding since its inception. The valuation that came with this round isn't disclosed, but for a hint, the $450…

Richard Branson Eyes $400 Million SPAC

Famed entrepreneur and Virgin Group founder Richard Branson is apparently looking into yet another business foray, this time looking to launch a special purpose acquisition company (SPAC) named VG Acquisition Corp. VG Acquisition Corp has already put out a formal press release indicating its plans of raising $400 million by offering 40 million units of shares for $10 each. The special purpose acquisition company or blank-check company as they're fondly called is seeking to list on the New York Stock Exchange under the ticker "VGAC", with a formal filing already submitted with the U.S. Securities and Exchanges Commission (SEC).Richard Branson, a successful long-time entrepreneur, isn't quite new to SPACs, having merged his aerospace company Virgin Galactic with one last year. Virgin Galactic successfully merged with Social Capital Hedosophia in October of last year and got $450 million to fund its operations in the process. The aerospace company began trading with an …

Beyond Meat Debuts Pre-Packed Meatballs

Plant-based meat products maker Beyond Meat has debuted a new product in the form of pre-packaged plant-based meatballs that'll be made available across grocery stores in the US starting from this week. The new pre-packed Beyond Meatballs will be launching at major US grocery chains including Whole Foods, Kroger, Albertsons, Sprouts, Harris Teeter and the likes. The standard package is 12 meatballs in a pack costing $7. The plant-based pre-seasoned meatballs can be used for a variety of meals such as soups, stews, and the likes. 
To mark the new product launch, Beyond Meat will set up 1-day pop-up shops in Los Angeles and New York City to give persons the option of tasting its product before a planned rollout across grocery stores. “We’re thrilled to introduce Beyond Meatballs as they deliver on consumers’ growing demand for delicious and nutritious plant-based meat options without GMOs or synthetic ingredients,” Stuart Kronauge, Beyond Meat's Chief Marketing Officer, said in a…

Berkshire Makes Bank On Snowflake IPO

Berkshire Hathaway, the investment conglomerate led by famed investor Warren Buffett, has apparently made bank on its recent bet on cloud computing company Snowflake. On the cusp of Snowflake's IPO, Berkshire reached a deal to purchase 2 million shares in the company along with another 4 million shares from an existing stockholder. Snowflake made its public market debut yesterday at an opening price of $120-per-share, implying Berkshire's total 6 million share purchase cost it roughly $720 million. Snowflake raised $3.4 billion on its public market debut, marking the biggest software IPO ever measured by how much the company raised from investors. It's such that investors are apparently very optimistic about Snowflake, with the company's share price yesterday doubling from $120 to about $254 at market close. By that calculation, the value of the 6 million shares held by Berkshire now amount to over $1.5 billion, implying a roughly $800 million profit for Berkshire'…

Walmart Trials Zipline Drone Deliveries

Retail giant Walmart has announced that it's teamed up with Zipline, a medical drone delivery upstart, to kickstart a drone delivery operation in the U.S. state of Arkansas, where Walmart is headquartered. Under their partnership, Walmart will trial drone deliveries of select health and wellness products to customers within a 50-mile radius of a specific Walmart store that's close to the company's headquarters. Walmart plans to use Zipline drones to deliver health and wellness items to customers in under an hour after an order its placed. Along with quick delivery, Walmart is also aiming to adopt drone deliveries as part of its sustainability and clean energy efforts.Zipline, which operates one of the world's major drone delivery networks, makes use of small, electric-powered drones to deliver items. The company began operating in the African nation of Rwanda since 2016 and has since then undertaken deliveries of more than 200,000 medical products to health facilities.…