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  1. #1

    Funding Circle, since when they became so Unprofessional ?

    they cut the loan in half since 2016, see below article,
    http://www.businessinsider.com/fundi...ormance-2016-9

    and i can not find data regarding how much they have funded in 2017, but my experience with them shows what kinda operations they are running here is in US,

    I will share the Past working experience with Funding Circle US as a referral Partner .( Most unprofessional company among all the lenders and investors I am dealing with )This is how their system works, they will pay out 3 Points as commission Every time a deal is funded . ( You can not charge any fees and give them additional funds with any other Merchant cash advance companies )I have funded 1.35 Million on their platform as a referral partner, so among funded deals, those merchant can get additional funds after 6 months with good payments in the future , based on all current lenders and investors I am dealing with , they will pay out renewal commissions regardless if the merchant approaches them or they approach merchants when it comes to extra funding .Here is what happens , Without any upfront communication, Without any notice upfront ,Without any discussion regarding the existing funded deals commission, funding circle sent out an email claiming your account has been deactivated stating your recent deals in our portal are out of credit criteria .This action really shows they SERIOUSLY have Poor management which also have been mentioned multiple times from their current or former employees on glassdoor .so I emailed them back asking the existing funded deals renewal commission , instead of emailing me back official confirmation regarding this matter, Chris called me up, here is what he explained to me on the phone : we will not market your existing funded customers, however, if they come back themselves, you will not get paid . this is Purely STEALING your existing customers, this phone call is not even an official confirmation , just some reckless explanation from Chris , I am definitely surprised by the standard they are conducting business here in US ( funding circle was originally founded in UK and UK Market generates majority revenue ) also Funding Circle ‘basically halved’ US lending volumes at the start of the year 2016 , see below article :http://www.businessinsider.com/fundi...ormance-2016-9 Based on Chris’s explanation ,I do not really want to use this word, but they behavior show they are really Cheap in some level, with the 1.35 millions funded deals, just because of the renewal commission, they WON’T market to them to see if they are in need or qualified for extra funds ,this is how they Claim their mission is to Help small business ?And when chris say we won’t market to your existing funded deals, how should we TRUST you ? based on so many reviews online regarding funding circle, Funding circle keeps mailing or calling the business owners even they tell you NOT to ? If I know funding circle only pays out commission one time , I will not even refer you any business from the very beginning , because any other lenders and investors know how to conduct business MORE professionally with a very Clear and transparent system

  2. #2
    basically, they won't pay out any commission for any renewals ( but they claim they won't market your existing customers and let them know they are qualified for renewals if your account with them is deactivated, this is really funny, even if some good merchant are paying the bill and qualified for renewal and they just won't do it ? )

    something is not right here inside Funding Circle USA
    ( like strategy failed and poor management , comments from their own employees in glassdoor )

  3. #3
    I was told by a Funding Circle rep that ISOs need to fund a minimum of a million dollars per month to remain partners.

  4. #4
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    Given all of the other term loan lenders/choices (some with longer amortizations, and lower rates), not sending them business has never been challenging.

  5. #5
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    Quote Originally Posted by RichardGerard View Post
    Given all of the other term loan lenders/choices (some with longer amortizations, and lower rates), not sending them business has never been challenging.
    do those others pay you 3 points ?

  6. #6
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    Quote Originally Posted by Michael Sla*****er View Post
    I was told by a Funding Circle rep that ISOs need to fund a minimum of a million dollars per month to remain partners.
    please they found a reason to cut off everyone . Ones that were funding crazy with them if they had one default they cut them off for that , or closing ratio .

  7. #7
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    Quote Originally Posted by Michael I View Post
    do those others pay you 3 points ?
    Nah. But you can put a fee agreement in place for 3 points.

  8. #8
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    I was FC's "partner of the month" a while back after funding a few back to back deals with them. less than 6 months later I am deactivated and can't send them deals anymore. FC just doesn't care

  9. #9
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    Quote Originally Posted by WestCoastFunding View Post
    Nah. But you can put a fee agreement in place for 3 points.
    Well stated!

  10. #10
    that is something they should confirm upfront ,like they should confirm with ISOs that fund At least 1 Million if that is what you said, they sort of lack of communication,
    also when it comes to renewals, they even said they would not market to the existing deals for renewals, look, that is the customer on funding circle platform, they are also the middle man , that is the opportunity for investors ,and i do not also see why they do not fund other merchant if one of ISOs deal defaulted, that does not make any sense at all . the logic they do business here sounds a little ridiculous .

  11. #11
    There must be something big wrong with their management,

    see part of what their own employees said on glassdoor,

    Cons
    Terrible culture and work environment. In recent 6 months to a year massive amount of departures, both voluntary and not including at the head of and director levels. Even global CFO did not last 2 months which was a joke since the interview process to find a CFO was very long. No COO for over 6 months. Managing director thinks he can act as COO, but terrible performance of loans and less originations than in 2015 …
    Show More
    Advice to Management
    Replace all directors/CFO/Managing director with smart people who can actually do the job that their titles claims they can do.





    Cons
    Strategy tends to leave not a lot of room for improvement in the projects worked on.
    Advice to Management
    Improve and leave more time for the ability to improve skills and the older projects which have become more outdated.

    Cons
    No career progression
    Poor manager
    Salary not enough for San Francisco
    Unprofessional environment (even for a "startup culture")
    Hostility when interacting between teams, doesn't feel like everyone is working towards the same goal
    Advice to Management
    Provide mentoring
    Create a Socratic environment don't just talk at employees.
    Hire managers that know how to manage and communicate in person. You will never get as much done over a computer as you will in person.
    Build up don't tear down


    Cons
    The company has lost all of its culture and allure it had to younger employees. The managerial selections have been dismal and the overall atmosphere has vanished. Removing company activities and events that were some of the few chances to build camaraderie, were a deal-breaker. To further escalate the problem, salaries are extremely un-competitive for role expectation.
    Advice to Management
    Invest in hiring individuals you want to grow into your managers and quit hiring people with years of experience on the promise that you will deliver them the tools they need to succeed.

  12. #12
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    They’ve always seemed disorganized. They are the best at killing a deal for no damn reason. None at all.

  13. #13
    Senior Member Reputation points: 43599 brokerCompany's Avatar
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    THey will go the way of dealstruck and dissolve here in the US. We did millions with them monthly and their reps were unresponsive, very corporate attitude over there.

  14. #14
    or like Bond street , the account manager Mous who took care of my account emailed me he also moved to Funding circle Europe

  15. #15
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    I still work with them on a regular basis, have had a positive experience and would love to get more deals to them.

    Frankly with Bond Street going out of business and Deal Struck out of business it just means Funding Circle has that many more deals to consider to fill their pipeline. I think 3 years ago they had 1MM in loan apps for every 150k they fund and at this point they probably have twice that much.....if you were that busy you could be selective also, especially considering you don't have unlimited resources. I have had some success with Fundation over the years, but not a lot to speak of in the last year.

    It seems to me like there are the every day SBA Lenders, then you go to Funding Circle, then you go to a bunch of different secondary sources. If any one is willing to share lenders besides the ones I mentioned I am willing to share also. Hard to find good sources to send funding circle declines and A credit borrowers who won't do our short term offers.

  16. #16
    When they did this to me I started yanking all my clients that funded with them and I took them SBA.

    Based on the way they underwrite the chances are very good that your clients will qualify for a bank or SBA loan unless the FC loan was subordinate debt.


    I just funded an SBA yesterday that I originated with FC in Feb 2017.

  17. #17
    Senior Member Reputation points: 5036 DiamondBL's Avatar
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    We had a great run with them when we also had an awesome rep there with good communication.
    Seems like they want to go public and excersing the same situation as when OnDeck did a while back-
    I know a couple mill shops that still fund with them- Great time for someone to fill their gap!
    Jonathan Kohanoff
    B.R.E. #01962090

    Diamond Business Loans
    Beverly Hills, CA 90211
    jon@diamondbl.com
    www.DiamondBL.com

  18. #18
    Funding circle still an interesting firm in my eyes, 10 Officer resigned, see below record, including 2 co-founders , and the US office culture is so toxic based on my experience with them.


    GRIFFITHS, Lisa Jane

    Correspondence address
    3 Dorset Rise, London, United Kingdom, EC4Y 8EN
    Role RESIGNED
    Secretary
    Appointed on
    13 May 2014
    Resigned on
    15 July 2014
    MEEKINGS, James

    Correspondence address
    99 Southwark Street, London, United Kingdom, SE1 0JF
    Role RESIGNED
    Secretary
    Appointed on
    13 January 2010
    Resigned on
    16 May 2012
    ZIRANOVA, Eugenia

    Correspondence address
    3 Dorset Rise, London, United Kingdom, EC4Y 8EN
    Role RESIGNED
    Secretary
    Appointed on
    1 May 2013
    Resigned on
    9 May 2014
    OVALSEC LIMITED

    Correspondence address
    2 Temple Back East, Temple Quay, Bristol, United Kingdom, BS1 6EG
    Role RESIGNED
    Secretary
    Appointed on
    16 May 2012
    Resigned on
    1 May 2013
    Registered in a European Economic Area What's this?

    Placed registered
    UNITED KINGDOM
    Registration number
    01379423
    ASMUSSEN, Jörg

    Correspondence address
    71 Queen Victoria Street, London, England, EC4V 4AY
    Role RESIGNED
    Director
    Date of birth
    October 1966
    Appointed on
    31 March 2016
    Resigned on
    1 October 2017
    Nationality
    German
    Country of residence
    Germany
    Occupation
    Economist
    BENNETT, Jeremy John Leonard

    Correspondence address
    71 Queen Victoria Street, London, England, EC4V 4AY
    Role RESIGNED
    Director
    Date of birth
    April 1964
    Appointed on
    21 September 2016
    Resigned on
    7 December 2016
    Nationality
    British
    Country of residence
    England
    Occupation
    Chief Financial Officer
    EDMANS, Michael Laurence

    Correspondence address
    81 Oxford Street, London, United Kingdom, W1D 2EU
    Role RESIGNED
    Director
    Date of birth
    February 1948
    Appointed on
    21 May 2010
    Resigned on
    9 March 2011
    Nationality
    United Kingdom
    Country of residence
    United Kingdom
    Occupation
    Director
    MEEKINGS, James

    Correspondence address
    71 Queen Victoria Street, London, England, EC4V 4AY
    Role RESIGNED
    Director
    Date of birth
    March 1983
    Appointed on
    13 January 2010
    Resigned on
    4 May 2016
    Nationality
    British
    Country of residence
    United Kingdom
    Occupation
    Financial Services Professional
    MORGAN, Alan William

    Correspondence address
    81 Oxford Street, London, United Kingdom, W1D 2EU
    Role RESIGNED
    Director
    Date of birth
    October 1951
    Appointed on
    21 May 2010
    Resigned on
    9 March 2011
    Nationality
    British
    Country of residence
    England
    Occupation
    Director
    MULLINGER, Andrew Christopher Arthur

    Correspondence address
    38 St. Margarets Road, Wanstead, London, United Kingdom, E12 5DP
    Role RESIGNED
    Director
    Date of birth
    October 1982
    Appointed on
    13 January 2010
    Resigned on
    9 March 2011
    Nationality
    British
    Country of residence
    United Kingdom
    Occupation
    Financial Services Professional

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