Funding Circle Reaches New Milestones Following Brexit Vote

Despite initial concerns over risks from Brexit, the UK’s Funding Circle has been growing significantly; Funding Circle is one of four firms Bloomberg plans to follow throughout the Brexit process which will begin when Prime Minister Theresa May triggers Article 50 of the EU Treaty; for Funding Circle, results following the Brexit vote in June have been overwhelmingly positive; in the second half of 2016, originations increased 50% from 2015 to 530 million British pounds ($685 million) and in the fourth quarter of 2016 the firm’s UK division reported its first net profit; while some funding challenges and employee visa risks still remain, the firm’s business seems likely to continue its positive trajectory; low rates on fixed income investments in the UK and slowed bank lending to small businesses appear to continue as leading factors for the firm’s growth.  Source