Funding Circle has lent more than $10 billion to small businesses globally through its platform.

The London FinTech with a heavy presence in the US, Germany and the Netherlands says the milestone – achieved in less than a decade – shows small businesses now prefer to access finance through peer-to-peer platforms.

Every $1 lent to a small business through Funding Circle in 2018 contributing $2 to GDP, according to Oxford Economics.

However its value has dropped significantly since it floated on the stock exchange in September 2018.

Its market capitalisation, £1.5 billion at the time of the listing, has dropped to £400m at the time of writing.

“We are incredibly proud that Funding Circle has become small business’ first choice for loans,” said Bernardo Martinez, the firm’s US MD.

“We look forward to continuing to build on the strong foundations we have put in place to help many more businesses in the years ahead.”

Over the last nine years, Funding Circle has facilitated loans from more than 90,000 investors to 72,000 small businesses.