They were able to deploy applications and set up application integrations without needing to rely on Okta's support staff.
Once it was time to set up Okta, Funding Circle's IT team did it themselves-and the task was simple. In terms of the security features we were looking for, in terms of the work flow management and automation, Okta spot on.” “What that meant was the applications we wanted to integrate today, and potentially applications we wanted to integrate in the future, were already a part of their network.
“What I think stood out about Okta was the ease and the flexibility and the ecosystem we had with their application network,” Obasanya continues.
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” The challenge for the IT teams, then, was how to support that securely and efficiently, ensure a consistent user experience, and meet compliance standards.Īs a cloud-first company, we wanted to make sure the company was innovative, very agile, and very first to market. We're not a traditional organisation, so we don't use Office 365 or Outlook-we use Google. “What that meant for us is we had quite a number of cloud applications that were rolled out. As a cloud-first company, we wanted to make sure the company was innovative, very agile, and very first to market,” says Obasanya. “Because we started as a startup, we grew very rapidly over the last six years. He had already experienced Okta’s benefits at a previous organisation and made the decision to revisit it at Funding Circle. “We needed a way to federate our identities across to all these multiple applications within the cloud,” he says. When Ayotunde Obasanya joined Funding Circle as head of infrastructure in the fall of 2015, he saw that Microsoft's Active Directory wasn't sufficient for all the needs of the company. By opening up a new asset class that was previously only ever held on bank balance sheets, Funding Circle ensures small businesses can always borrow from a wide range of investors regardless of economic environment, which in turn creates a more stable and sustainable ecosystem. Cumulative returns over the last five years have outperformed the FTSE 100 and are less volatile. To date, investors have earned a 7% average return after all fees and losses.
The platform combines cutting edge cloud technology and proprietary risk models with a wealth of credit assessment expertise and experience. Recent research by the CEBR found that since launch, loans facilitated by Funding Circle have contributed £2.7 billion to the UK economy and supported the creation of 50,000 new jobs across the country. We’re pleased to say this is the case today. What they wanted to create was the infrastructure - similar to a stock exchange or bond market - where any investor, be they individuals, financial institutions or even governments, could lend to small businesses. When Funding Circle were first thinking about how to better help small businesses, they considered how larger businesses had multiple ways to raise finance and wondered why small businesses didn’t have the same choice. In the wake of the financial crisis, we saw just how fragile this ecosystem was. The Funding Circle platform is already one of the largest net lenders to small businesses in the UK according to Bank of England statistics.įor too long, small businesses could only access the funds they needed to grow from a small number of high street banks. In that time, more than 30,000 businesses across the UK, US, Germany and the Netherlands have borrowed $3.5 billion from a wide range of investors including 60,000 people, local, national and supra-national government, and financial institutions. It has been seven years since Funding Circle launched with a big idea - to revolutionise the way small businesses access finance. An innovative company committed to the cloud
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