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Accel leads $37m Series C round for non-banking loan business Funding Circle

24 Oct 2013

loan_lrgVenture capital major Accel Partners has led a $37m Series C financing round for business loan marketplace Funding Circle as the company joins forces with San Francisco’s Endurance Lending Network.

Accel was joined in the round by fellow new investor Ribbit Capital and existing backers Union Square Ventures and Index Ventures.

The round brings Funding Circle’s total equity financing to $58m, and will go towards supporting the company’s growth in the UK and assist its fledgling US operations.

Funding Circle aims to allow businesses to receive loan capital direct from investors rather than rely on existing banking systems, which many SMEs have lost faith in with regards to providing finance.

Accel partner Harry Nelis, who will join the Funding Circle board, following the financing, said, “In Funding Circle, we see the potential to build the category-defining company in online business lending.

“We very much look forward to working with Funding Circle to make the company a great success as they continue their expansion.”

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