Customer Stories

NetSuite Provides a Lending Hand in Funding Circle’s Growth Journey

NetSuite has supported Funding Circle's finance team over a journey that has seen it grow into the UK's largest loan platform for SMEs

LONDON, UK—November 15, 2022

Funding Circle, the UK’s largest loan platform for SMEs, has scaled its operations to help 130,000 small businesses access almost £14 billion in finance globally while running on Oracle NetSuite. With NetSuite, Funding Circle has taken advantage of an integrated business system at every stage of its growth story, to help the organisation scale and manage the rigorous demands of being a publicly-traded company.

Founded in 2010, Funding Circle’s market-leading and unparalleled instant decision lending technology enables small businesses to apply for finance in an average of six minutes, with lending decisions in as little as nine seconds. A wide range of investors have used Funding Circle’s technology and distribution platform to lend c. £14.5 billion to approximately 130,000 businesses globally, providing small businesses with the fast and simple access finance they need to grow and power the economy. In 2021, lending through Funding Circle's UK platform is estimated to have contributed £7.2bn to GDP and supported 100,000 jobs. Since 2014, Funding Circle has relied on NetSuite to manage its global financial operations.

“Since it was established, Funding Circle has provided simple, hassle-free support to small businesses, and as a finance team we needed a system that reflected those attributes,” said Patrick Lawlor, Systems Accountant, Funding Circle. “NetSuite makes it easy to get the data needed, to write applications that work together, and to get the necessary insight. This has helped our finance team eliminate laborious and time-consuming tasks and deliver finance and budgeting information in a way that meets our business objectives.”

With NetSuite, Funding Circle has automated and unified financial management, budgeting, and internal controls. With support from NetSuite partner Nolan Business Solutions, this has helped Funding Circle maintain a complete and accurate view of its finances, accelerate reporting and month end close processes, and optimise planning through real-time forecasting and variance analysis as its business has expanded. NetSuite has also enabled the Funding Circle finance team to implement approval workflows and audit controls that meet the demands of internal and external audit teams. Finally, with SuiteAnalytics Workbook, which helps liberate insights buried in data siloes, Funding Circle has been able to develop and customise NetSuite to cut down the time to raise internal budget cases for new projects and campaigns from several days to just ten minutes.

“Funding Circle is making a difference by helping small businesses navigate a period of sustained challenges and obstacles,” said Chris Hemmingway, VP of Customer Success, EMEA, Oracle NetSuite. “We have worked with the Funding Circle team for many years and with NetSuite they have a system that can scale as operations expand and deliver the efficiencies, controls, and insights needed to stay focused on helping business owners.”

About Oracle NetSuite

For more than 20 years, Oracle NetSuite has helped organisations grow, scale and adapt to change. NetSuite provides an integrated system that includes financials / Enterprise Resource Planning (ERP), inventory management, HR, professional services automation and omnichannel commerce, used by more than 32,000 customers in 217 countries and dependent territories.

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Contact Info
Samuel Jamieson
PR Manager, EMEA
+44 (0)7468 752231