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Report: Funding Circle mandates banks to lead IPO

Funding Circle Ltd. has mandated Bank of America Merrill Lynch, Goldman Sachs, Morgan Stanley and Numis Securities to lead its London IPO that could value the British peer-to-peer lender at more than £2 billion, Sky News reported March 11, citing sources.

The listing is expected to take place in the second half and will involve the sale of new shares for hundreds of millions of pounds.

Funding Circle breached the £1 billion valuation after raising £82 million in a funding round in January 2017, but some existing investors believe the P2P lender's valuation could be more than £1.5 billion when it floats on the stock exchange, Sky News said.