QVSource Google Analytics Connector Brings Real-time Business Insight and Intelligence to Funding Circle

Funding Circle was set up in the UK in 2010 as a marketplace for people to lend money to businesses that were looking for funding. Funding Circle’s business model addressed two big problems in the UK: Businesses were struggling to access finance, while savers were getting a poor return on their investments.

Since then, the company has experienced phenomenal growth. By 2013, Funding Circle had attracted 61,000 lenders and lent £182 million to businesses. Having recently expanded to the US, Funding Circle is currently lending an average of £4 million per month to businesses across the UK and North America. And, it is by no means a complacent company; Funding Circle is a success-driven organisation with a hugely dynamic and ambitious staff.

"The fundamental benefit of the QVSource Google Analytics Connector is that it provides much easier access to real-time website data analysis than any other product on the market"

Andy Mendelsohn, CTO, Funding Circle

The Challenge

With the number of Funding Circle employees approaching 100, it became increasingly apparent that a sophisticated business intelligence tool was required to allow staff to share data across the business in real-time.

Funding Circle assessed QlikView from QlikTech and QVSource from Industrial CodeBox in parallel, as the complimentary solutions integrated well, and together they addressed specific business challenges that the Funding Circle team were facing.

In May 2013, Funding Circle made the decision to select QlikView and QVSource over competitive products.

"Integration played a huge role in our decision to go with QlikView and QVSource. Insight into Google Analytics was extremely important to our business intelligence requirements, and QVSource was the only tool that could solve this problem for us."

Andy Mendelsohn, CTO, Funding Circle

The Solution

The QlikView technology was chosen for its robust, fully functional, superior business intelligence capability that would scale to support Funding Circle’s aggressive growth. The QlikView dashboards were impressive and delivered rapidly. The in-memory engine was particularly appealing as it would allow the Funding Circle team to combine and compare real-time data with historical data.

The QVSource technology addressed a business challenge that could not be solved by any other competing organisation; Funding Circle wanted to integrate data from Google Analytics into its business intelligence engine, to gain a deeper understanding of visitor behaviour across their websites. QVSource provides a Google Analytics Connector that specifically addresses this requirement.

As a consequence, the business intelligence tools from QVSource and QlikView are now being used by many departments within Funding Circle, to better understand business activity, to monitor trends and respond accordingly, and to continue on their ambitious growth path.

The Benefits of QVSource

The QVSource Google Analytics Connector feeds a new stream of data into Funding Circle’s interactive business intelligence dashboard, in a consistent and automated manner. As a result, Funding Circle has improved its holistic view of day-to-day business, and has a better understanding of how website activity is impacting revenue. In addition, as QlikView stores historical data from the QVSource Connector, as well as presenting real-time data, Funding Circle is able to carry out sophisticated web traffic analysis, to measure month-by-month changes and developments.

In fact, the QVSource Google Analytics Connector has had a positive impact on the performance of many departments within Funding Circle:

  • The management team can now evaluate the number and value of loans that have been issued, the number of investments that have been made, and the influence of changes to conversion rates,
  • The marketing team is able to track lead generation, monitor the success of campaigns, and measure web pages or messages that are returning the best results,
  • The sales team can review the business opportunities that are converting to new customers,
  • The underwriting team is able to track the number of borrowers that are moving through the underwriting process, and validate lending decisions and loan applications.

"QVSource has given us the ability to assess the impact of our online presence, and think about how to make improvements. We can present business intelligence dashboards on screens around the office, analyse the data in real-time, and make strategic business decisions as a result."

Jingyi, Business Data Analytics, Funding Circle