More than £70m (85m) has been lent through online lending marketplace Funding Circle.
The peer-to-peer lending business, which was recently awarded £20m in government funding, was launched in 2010 and is growing at a rate of 300% per year, according to Laura McMullen, Funding Circle’s business development director.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The business arranged more loans in the final quarter of 2012 than the whole of 2011 and is on course to facilitate more than £100m of loans in 2013, McMullen said.
She added: "We have seen a strong increase in demand for our products in the intermediary market, and, with £20m from the government to be lent on the platform we look forward to assisting even more businesses in 2013."
Funding Circle launched a 4% commission offer for asset finance brokers in November in the wake of the exit of prime funder to the intermediary market ING Lease which runs until the end of January.
The business is currently facilitating more than £1m in unsecured and asset finance loans per week.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataLeasing Life is conducting an analysis of the Funding Circle lending model and its implications for the asset finance sector and will publish findings in the coming months.
