Funding Circle is a privately owned platform which has processed almost GBP 1 billion of loans to about 12,000 businesses, and has a foothold in the US. Funding Circle was valued at about USD 1 billion in an April funding round in which it raised USD 150 million from investment groups, including Russia’s DST Global and BlackRock, the asset manager, the Financial Times reports.
Zencap’s launch was backed by Rocket Internet, the Germany-based technology incubator.
The European operations, to be rebranded as Funding Circle, will continue to be run by the two co-founders of Zencap, former McKinsey consultants Matthias Knecht and Christian Grobe. Additionally, investors will not initially be able to lend across national borders via the Funding Circle platform, but the company is preparing to launch a London-listed fund that will invest in loans from across the territories where it operates, adds the source.
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