Funding Circle, the UK-based peer-to-peer lending marketplace that that allows investors to finance directly the SMEs, is setting its sights on the small business US market, hoping to become the leading lender to what it sees as an underserved market.
Small business lending in the US is “fractured across multiple competitors,” said Bernardo Martinez, US managing director at Funding Circle. “Typically, banks haven’t focused on the segment. It’s an unmet need from small businesses standpoints.”