FinTech firm 'unlocked 45,000 British jobs in 2017'
Funding provided through peer-to-peer (P2P) lender Funding Circle helped unlock a total of 75,000 jobs in the US and Europe, a new report has claimed.
Launched in 2010, the global small business loans platform facilitates lending from a range of investors to small firms in the US, UK, Germany and the Netherlands.
For every £1 lent through the platform, an additional £2 was contributed to GDP across these four countries.
The report published by Oxford Economics found that lending through the platform had a significant impact on the UK labour market, with almost 45,000 jobs found to be powered by lending through Funding Circle last year.
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It also found that the loans supported a contribution of $2 billion to the American economy.
"It has become evident that small businesses are underserved in every country in which we operate,” said co-founder and CEO Samir Desai.
"From butchers and bakers, to IT consultants and accountants, these are the businesses that are creating jobs, boosting productivity and driving our economies forward. The economic impact that these businesses have had as a result of accessing finance through Funding Circle is hugely rewarding to see."
James Meekings, co-founder and UK managing director, added: "measurable effect that lending through Funding Circle is having on the UK economy and employment is particularly gratifying. In the UK alone, the activity stimulated by small businesses generated £730 million in annual tax revenues for HM Treasury in 2017.
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"Small business isn't small - it accounts for around half of the UK's turnover and half of all employment. That's why we've put their needs at the forefront of our mission, because when they grow, so does our economy."