Peer to peer business lender Funding Circle has passed the £70 million lent milestone.

Since it launched in 2010, Funding Circle has been increasing its presence in the business loans market and is currently facilitating more than £1 million of loans per week.

As well as unsecured loans and asset financing, Funding Circle offers loans up to £500,000 for any purpose.

The business was recently awarded £20 million of Government funding.

Laura McMullen, business development director at Funding Circle, said the firm arranged more loans in the final quarter of 2012 than the whole of 2011 combined and is growing at 300% per year. Funding Circle is on course to facilitate more than £100 million of loans in 2013.

She added: “We are delighted to have reached £70 million in lending, much of which was completed in 2012. We have seen a strong increase in demand for our products in the intermediary market, and, with £20 million from the Government to be lent on the platform we look forward to assisting even more businesses in 2013.”