Peer-to-peer lending marketplace Funding Circle has announced plans to raise £300m with a London Stock Exchange listing.
Launched in 2010, the company has become a leading loans platform for SMEs in the UK, US, Germany and the Netherlands.
Funding Circle has facilitated over £5bn of loans to 50,000 SMEs from 80,000 investors - including over £1bn in the first half of 2018.
In terms of its financial position, in 2017 the company generated revenues of £94.5m compared to £50.9m in 2016.
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For the first half of 2018, revenue generated was £63m, a 62% increase from the comparitive period the year before.
Funding Circle said it plans to use the proposed £300m funding to enhance its balance sheet position and to “further engender trust in the Group's business with investors, borrowers and regulators.”
CEO & co-founder Samir Desai said: "At Funding Circle our mission is to build a better financial world. Today's announcement is the start of the next stage in our exciting and transformational journey.
“Over the last eight years, we have worked hard to build a platform that is number one in every market we operate in.
"By combining cutting-edge technology with our own proprietary credit models and sophisticated data analytics, we deliver a better deal for small businesses and investors around the world.
“I am very proud of the team and culture we have created at Funding Circle, both of which have been integral to our success to date.”
As part of the offer, Danish billionaire Anders Povlsen’s company Heartland, which is a major investor in ASOS and Zalando, has agreed to take a 10% stake in the company.
For the IPO, the proposed date for which has not yet been announced, Funding Circle has appointed Merrill Lynch, Goldman Sachs, Morgan Stanley and Numis Securities as joint bookrunners.
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