“Until the launch of Funding Circle in August 2010, small business lending was dominated by the major high street banks. We’re challenging that dominance and providing a service,” James Meekings, co-founder of Funding Circle said. “There’s no reason why, in the future, Funding Circle cannot represent a significant proportion of the market.”
The Bank of England’s executive director for financial stability, Andy Haldane, has also been keen to back this growing industry.
“Commercial peer-to-peer lending, using the web as a conduit, is an emerging business,” he said in speech back in March.