Samir Desai studied at the University of Oxford. He worked as a consultant at BCG and as an investment executive at Olivant before Funding Circle. In 2008 he, James Meekings and Andrew Mullinger talked through the idea of peer-to-peer business lending in a pub.
The three quit their jobs in 2009 and launched the platform in August 2010. In 2012 the UK government lent £20m to small businesses through it. In 2013 it raised $37m in a round led by Accel Partners and entered the United States. It bought Zencap in October 2015.
Funding Circle listed in London in September 2018, raising about £300m at a £1.5bn valuation, anchored by Anders Povlsen. Shares fell 24% on the first day. In 2019 the pre-tax loss rose to £50.7m, and in 2020 the secondary market was suspended during COVID.
Desai stepped down as CEO in January 2022. The company left the peer-to-peer model in 2022 and sold its US business in 2024. Desai left the board in October 2024. For 2025 Funding Circle reported revenue of £222.5m and net income of £46.0m.