Funding Circle released a trading update today that provides some insight into how they are doing in the UK and...
The platform currently works with approximately 1,000 brokers; source reports it is focusing its efforts on brokers using the platform regularly with a new master broker system for inactive intermediaries; Funding Circle is requiring brokers to make at least one introduction to the platform per quarter. Source
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[Editor’s note: This is a guest post from Conor French, General Counsel at Funding Circle. Funding Circle is a Platinum Sponsor at...
Funding Circle announced they passed the milestone last year; CEO and Founder Samir Desai stated, “We were pleased with the result for the group. Overall we improved our loss margin. The UK business became cashflow positive in Q4 of 2016 and continues to generate positive cashflow in the first half of the year.” he added, "As we've said many a time, we believe that our business should be a public company as well because that fits with our values of transparency and being open, and allows us to take our service to more and more people as well."
Other highlights include:
- Operating expenses rose by 43% to £103.1 million;
- Losses dipped by 3% to £35.7 million thanks partly to a foreign exchange boost;
- £1 billion lent last year;
- Loans outstanding rose by 61% to £1.37 billion;
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UK based Funding Circle recently signaled they were looking to go public this year and now investors are wondering is this the start of a UK fintech IPO trend; rumors have swirled around Zopa, LendInvest, Monzo and others, but thus far not many have gone forward with a listing; there is concerns over the ability of the businesses to make a profit and have lessons been learned from U.S. fintech IPOs; while there has been a few small listing thus far time will tell whether or not the big fintech firms will make the leap. Source.
Eric Daniels is the former CEO of Lloyds Banking Group, a bank that is on the list of the top...