Results 1 to 18 of 18
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02-23-2018, 12:06 AM #1
- Join Date
- Jun 2016
- Posts
- 6
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
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02-23-2018, 12:10 AM #2
- Join Date
- Jun 2016
- Posts
- 6
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 )
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02-23-2018, 06:07 AM #3
- Join Date
- Dec 2017
- Posts
- 277
I was told by a Funding Circle rep that ISOs need to fund a minimum of a million dollars per month to remain partners.
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02-23-2018, 06:40 AM #4
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
Given all of the other term loan lenders/choices (some with longer amortizations, and lower rates), not sending them business has never been challenging.
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02-23-2018, 10:42 AM #5
- Join Date
- Jun 2015
- Posts
- 3,318
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02-23-2018, 10:44 AM #6
- Join Date
- Jun 2015
- Posts
- 3,318
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02-23-2018, 10:49 AM #7
- Join Date
- Oct 2016
- Posts
- 4,318
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02-23-2018, 10:55 AM #8
- Join Date
- Jan 2016
- Posts
- 435
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
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02-23-2018, 11:42 AM #9
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
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02-23-2018, 12:31 PM #10
- Join Date
- Jun 2016
- Posts
- 6
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 .
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02-23-2018, 12:44 PM #11
- Join Date
- Jun 2016
- Posts
- 6
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.
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02-23-2018, 12:46 PM #12
- Join Date
- Oct 2016
- Posts
- 4,318
They’ve always seemed disorganized. They are the best at killing a deal for no damn reason. None at all.
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02-23-2018, 01:57 PM #13
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.
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02-23-2018, 06:19 PM #14
- Join Date
- Jun 2016
- Posts
- 6
or like Bond street , the account manager Mous who took care of my account emailed me he also moved to Funding circle Europe
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02-26-2018, 06:33 PM #15
- Join Date
- Apr 2017
- Location
- Orange County, CA
- Posts
- 90
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.
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02-27-2018, 04:03 PM #16
- Join Date
- Dec 2017
- Posts
- 3
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.
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02-27-2018, 04:17 PM #17
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
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02-27-2018, 06:24 PM #18
- Join Date
- Jun 2016
- Posts
- 6
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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