The Funding Circle, a startup that offers loans to small businesses by matching them with lenders, has announced plans to raise £300 million through a stock market flotation.
The peer-to-peer lender currently offers loans in the UK, US, Netherlands and Germany but hopes to use the funds to expand into new markets.
Samir Desai, chief executive and co-founder of Funding Circle, said: “Today’s announcement is the start of the next stage in our exciting and transformational journey.”
“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,” he added.
“We’ve done over a billion dollars of loans since we started [in the U.S.], so we are actually already the largest non-balance-sheet lender to small businesses,” he said. “Part of the reason people probably haven’t heard of us is just a function of the U.S. market being so huge.”
The peer-to-peer lender is on track to become London’s biggest fintech IPO since WorldPay’s £4.8 billion ($6.1 billion) listing back in 2015.
The formal registration comes nine months after Sky News reported on the group’s initial plans for an IPO.