P2P funder Funding Circle has lent £1bn via its broker channel to small businesses and promoted a head of broker.

The funder said that it had promoted Tom Shave to head of broker, following his work on the broker team over the past six years.

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P2P funder Funding Circle said its broker team had lent to 9,600 British businesses as of this date.

Tom Shave, head of broker UK at Funding Circle, said: “Working with brokers is, and always has been, a hugely important part of our business.

“Reaching £1 billion lent through the broker channel is an incredibly exciting milestone as it means that we’ve helped thousands of small businesses to fund their growth ambitions. I’m looking forward to growing this part of the business even further as we continue on our mission of becoming the first choice for small businesses across the UK.”

Neil Mullane, head of UK sales at Funding Circle, said: “Tom has been an integral part of the broker channel’s growth to date, which is why I’m incredibly pleased to see him promoted to Head of Broker in the UK. Without his dedication for providing businesses with a fast, fair and transparent service, the team wouldn’t be where it is today. His knowledge and passion will be invaluable to the business moving forward and I look forward to seeing him take the team from strength to strength.”

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Funding Circle investors have lent £5.6bn to more than 56,000 businesses in the UK, US, Germany and the Netherlands.

Earlier this month, Funding Circle listed on the stock market, valuing itself at £1.5bn, but suffered adverse market conditions and lost £250m in value by the end of the first full day of trading.

The business received £100m in funding from the European Investment Bank in 2016, with a further £80m invested into the platform from the British Business Bank.

In August 2017 Dutch insurance business Aegon joined p2p platform Funding Circle as an investor, committing £160m (€176m) worth of loans to small businesses.