Celebration follows listing of Funding Circle SME Income Fund Limited
London Stock Exchange today welcomes Funding Circle, the world's leading marketplace for small business loans, to open trading following the successful listing of Funding Circle SME Income Fund Limited. The fund raised £150 million and will provide investors with access to a diversified pool of loans originated through Funding Circle's marketplaces.
To celebrate the occasion, Samir Desai, Global CEO, co-founder of Funding Circle and Richard Boleat, Chairman, Funding Circle SME Income Fund opened trading at London Stock Exchange this morning.
Funding Circle is the leading marketplace for business loans, enabling investors to directly lend to small businesses. Since launching in August 2010 Funding Circle has helped over 12,000 businesses worldwide borrow more than £1.6 billion.
Nikhil Rathi, CEO, London Stock Exchange plc said:
"Ambitious SMEs are the lifeblood of a modern economy, developing the skills, jobs and growth we need. But ambition alone is not enough; they must be properly supported with innovative and appropriate finance. That's why today's event is so important: demonstrating that the UK has a developed funding ladder. It is fantastic to see public markets working hand-in-hand with innovative financing partners such as Funding Circle."
Samir Desai, CEO and co-founder of Funding Circle, said:
"We were extremely pleased to list this vehicle on the London Stock Exchange. This is the first fund that will lend exclusively to small businesses through a marketplace lending platform, and it is the first time investors are able to get exposure to these loans globally. This and the low fee structure makes it a differentiated and attractive product for investors, and we are very pleased this has been reflected in the take-up."
Eileen Burbidge, Chair of Tech City UK and HM Treasury Special Envoy for Fintech, said:
"London and the UK have all the ingredients for success in technology. Ambitious, high growth and internationally-minded Fin-Tech companies like Funding Circle are proof that we can create companies the equal of anywhere in the world. Making sure that we have the capital markets infrastructure in place to support that growth is a vital link in the chain and why today's event is so important. It is a clear demonstration that the London markets stand ready to support innovative UK tech companies."