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Peer-to-peer lending has grown rapidly since the
financial crisis as bank credit for small and medium-sized
companies has remained scarce.
Victory Park's partnership with Funding circle comes after the
U.S. firm invested 150 million pounds ($231.54 million) in
British peer-to-peer lending platform Assetz Capital under a
five-year contract at the end of January.
Funding Circle currently lends around 40 million pounds per
month in Britain, and, with the new partnership, that amount is
expected to double over the next 12 months, the company said. It
has lent over $800 million to small businesses globally since
its founding in 2010.
The market for peer-to-peer (P2P) lending in Britain last year
totaled 1.7 billion pounds, of which 749 million pounds was
business lending, according to a study by the University of
Cambridge and charity NESTA.
(Reporting By Andrew Winterbottom, editing by William Hardy)
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