Impressive results! FundingCircle #3 bank in new loan volumes to SME! congrats!
Proving the power of crowdfunding, the third biggest lender to UK small businesses isn't a bank or building society but peer-to-peer lending platform Funding Circle. In the three months from July to September, RBS lent £290m to SMEs, Lloyds lent £275m, and Funding Circle came third, having lent £91.5m, ahead of Aldermore, Yorkshire Building Society and Shawbrook. In the third quarter of 2015, £704m was lent to small businesses through the FLS, which has 36 banks and building societies participating, according to Bank of England data. Crowdfunding platforms raised £251m of investment in the same period, according to data from the Peer to Peer Finance Association.