Funding Circle reaches £14bn lending milestone
Funding Circle has helped 130,000 small businesses access almost £14bn in finance, in the latest milestone for the former peer-to-peer lending platform.
Since it was founded in 2010, the platform has grown to become the largest loan platform for small- and medium-sized enterprises (SMEs), offering faster, more affordable business loans.
Funding Circle has credited its use of automation for allowing it to scale so rapidly. Its technology allows small businesses to apply for loans within an average of six minutes, with funding decisions made in as little as nine seconds.
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Since 2014, the business lender has been using Oracle NetSuite to implement approval workflows and audit controls which can help speed up decision making.
It also uses the SuiteAnalytics Workbook to reduce the time needed to raise internal budget cases for new projects and campaigns from several days to just ten minutes.
“Since it was established, Funding Circle has provided simple, hassle-free support to small businesses, and as a finance team we needed a system that reflected those attributes,” said Patrick Lawlor, systems accountant at Funding Circle.
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“NetSuite makes it easy to get the data needed, to write applications that work together, and to get the necessary insight.
“This has helped our finance team eliminate laborious and time-consuming tasks and deliver finance and budgeting information in a way that meets our business objectives.”
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