Funding Circle has hired Neil Mullane, formerly head of business and corporate banking for Barclays across West London, as part of its business development and property finance team.
It comes as Funding Circle revealed the platform has provided access to a record £182.5m in business finance in Q1 – £42m of which came through the intermediary channel.
Mullane brings eight years of experience in commercial finance, and will play an active role in continuing to build the intermediary channel.
Luke Jooste, head of the business development and property finance at Funding Circle, said: “Funding Circle’s simple process, fast turnaround times and personalised service set us apart from other lenders which is something introducers really value.
“It looks set to be an exciting 2016 and I’m very pleased to welcome Neil to the team.”
Mullane, performance and commercial manager at Funding Circle, said: “It’s an exciting time to be joining the business.
“The growth of Funding Circle over the last five and a half years has been very impressive and it’s clear that the intermediary market now views marketplace lending as a mainstream way for their clients to access finance.”
Launched in August 2010, Funding Circle enables businesses to access finance independent of their banks, whilst at the same time allowing people and organisations to earn attractive returns.
To date, investors have lent more than £1.2bn to over 15,000 businesses across the UK.
Funding Circle provides flexible funding options to suit almost any business purpose, including unsecured loans (from £5,000 to £250,000) secured loans (up to £1m), asset finance (from £25,000 to £1m) and property finance (from £150,000 to £3m).
To apply, introducers complete a three step application process on behalf of the client, which takes approximately 10 minutes.
Applications are reviewed by Funding Circle’s credit assessment team within 48 hours, and loans are typically funded within a week.
To qualify businesses must have two years’ trading history (two years’ filed or formal accounts) and a turnover of £50,000.