The new funding will be used to continue to fuel the company’s rapid global growth, expand product ranges and explore new international markets.
In addition, Robert K. Steel, CEO of Perella Weinberg Partners, will join the Funding Circle board.
Steel has approximately 40 years of public and private sector experience, having served as former Under Secretary for Domestic Finance of the United States Treasury, CEO of Wachovia, vice chairman of Goldman Sachs and deputy mayor of New York.
Launched in 2010, Funding Circle is helping to spark a global revolution in the way small businesses access finance, disrupting the traditional model of banking.
Through the Funding Circle marketplace, small businesses can borrow directly from thousands of investors, including people and government in the UK, plus institutional lenders.
Today’s news follows Funding Circle’s record growth in both the US and UK markets over the past 12 months.
The marketplace lender is on track to lend US$600m in 2014, and independent analysis predicts that the industry will account for US$1tn within the next decade.
Samir Desai, CEO and co-founder of Funding Circle said: “We are thrilled to welcome Bob to our board. His expertise and experience is unparalleled.
“This latest round of funding will fuel our global ambitions and power the next phase of our evolution - catering for the increase in demand we expect to see over the next 12 months.
“Our vision is to build a better financial world, helping more small businesses access finance and offering attractive returns to investors.”
Bob Steel, non-executive director of Funding Circle, said: “I’m delighted to be joining the Funding Circle board.
“I have been impressed with the growth of the company over the past four years, and believe there is a unique opportunity for marketplace lending to revolutionize access to finance for small businesses across the globe.
“I hope my experience as CEO of one of America’s largest banks, and my time in the US Treasury department, will support the company as we enter the next stage of our growth.”
In total, Funding Circle has now raised US$123m in equity funding.
