There’s a big future in the crowdsourcing and democratization of money lending. Funding Circle, which enables individuals and organizations to loan money to small businesses online, has raised another monstrous round of venture funding — $150 million’s worth.
Funding Circle’s total raise is now $300 million. The British company is now valued at $1 billion.
The new round was led by DST Global, BlackRock, and Temasek, a fund backed by the Singaporean government.
The company’s service is now available in the United Kingdom and the U.S., and the new funding will be used to expand the service further in both countries. Through the platform, Funding Circle said, lenders have loaned small businesses around $1 billion so far.
Funding Circle was founded by three Oxford University graduates in 2010.
Source: New York Times