A new report has highlighted Funding Circle's economic impact
Richard Bell

Peer-to-peer lender Funding Circle to create 200 UK jobs

Peer-to-peer lending platform Funding Circle is creating 200 jobs in the UK.

The London-headquartered firm has this morning (June 13) confirmed plans to take on 400 new employees in 2018, half of whom will be recruited in the UK.

Founded in 2010, Funding Circle facilitates lending from a range of investors to small businesses in the UK, Germany, Netherlands and US.

A report published today by economic consultancy Oxford Economics has revealed that in 2017, lending through Funding Circle unlocked around 45,000 UK jobs.

Further, the report found that lending through the platform contributed £2.4bn to the economy, generating £730m in tax receipts for the HM Treasury.

Funding Circle’s CEO, co-founder Samir Desai, said: “It has become evident that small businesses are underserved in every country in which we operate.

“From butchers and bakers, to IT consultants and accountants, these are the businesses that are creating jobs, boosting productivity and driving our economies forward.”

Samir added: “The economic impact that these businesses have had as a result of accessing finance through Funding Circle is hugely rewarding to see.”

James Meekings, UK managing director and co-founder of Funding Circle, commented: “The measurable effect that lending through Funding Circle is having on the UK economy and employment is particularly gratifying.

“Small business isn’t small - it accounts for around half of the UK’s turnover and half of all employment. That’s why we’ve put their needs at the forefront of our mission, because when they grow, so does our economy.”

John Glen, Economic Secretary to the Treasury, said: “The way people and businesses access borrowing is evolving, and with this new players like Funding Circle are making great contributions to our world-class financial services industry.

“The success of peer-to-peer lending has brought about real benefits, not only for the businesses of Britain, but as this report shows, our economy at large too.”

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