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05 Apr 2019 | 07:57

Finding Circle two launch two new investor products to widen offering on platform

Finding Circle said two new investor products would soon be launched on its platform that would widen the universe of investors that can access the platform and diversity the company's sources of funding.

Funding Circle said it intended to launch a UK private direct lending fund, which would seek to raise more than £200m over the next few years, and a UK ABS bond product in 2019. The moved marked a shift from the original strategy in 2015, when Funding Circle's aim was to provide investors access to a diversified portfolio of Funding Circle small business loans. But with the time, funding Circle had significantly broadened its mix of funding sources and the business has had become more international in nature. As a result, Funding Circle SME Income Fund Limited had become a declining part of the company's overall funding mix and was projected to fund only 3.5% of Funding Circle's origination volume in 2019. 'A global income fund providing access to a diversified portfolio of Funding Circle small business loans was the right strategy for investors and Funding Circle in 2015. However, there are now more appropriate and varied ways for investors to participate on the platform,' Samir Desai, CEO and co-founder.

'They will further expand the universe of investors that can access loans on our platform and continue to diversify our sources of funding, in line with the strategy we set out at IPO.' Funding Circle also confirmed that financial guidance for 2019 provided at the full year results remains unchanged.

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