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Report: Funding Circle gets wheels in motion for European P2P ABS

FundingCircle is preparing to launch Europe's first securitization of peer-to-peerloans, Bloomberg News reported April 14, citing "a person familiar withthe matter."

TheU.S.-based small-business P2P company, which uses an online marketplace to connectborrowers with lenders, has reportedly enlisted Deutsche Bank to arrange theABS deal, with meetings with investors expected to take place in London betweenApril 18 and April 20.

FundingCircle's planned ABS, said to be Europe's first, would be an exercise in"price discovery for what is an esoteric asset class which has beenlacking in Europe," BBVA credit analyst Aaron Baker told Bloomberg.