Key facts
- Funding Circle CEO Lisa Jacobs will step down by September 2027.
- The fintech's revenue increased 50% to £138m in the six-month period.
- Loan originations grew 43% to over £1bn.
- Pre-tax profit quadrupled to £24.1m.
- The company raised its full-year profit forecast to over £40m.
- A new £25m share buyback program was announced.
Funding Circle's chief executive, Lisa Jacobs, has announced plans to step down from her role by September 2027, stating the company is in its strongest position ever. The fintech lender revealed this alongside an upgraded profit forecast for the year, driven by significant growth in revenue and loan originations.
In the six-month period, Funding Circle's revenue surged 50% to £138m, fueled by a 43% increase in loan originations to just over £1bn. Total credit extended across its products rose 52% to £1.7bn, pushing assets under management past £3.2bn. Demand for its FlexiPay and credit card offerings also saw substantial growth, with transaction volumes up 71% to £640m.
Despite a 27% increase in operating costs to £99m, largely due to marketing and staff expenses, pre-tax profit quadrupled to £24.1m. The company now expects full-year profits to exceed £40m, an upward revision from its previous forecast of £35m. Additionally, Funding Circle announced a new £25m share buyback program, bringing the total capital returned to shareholders via buybacks to £100m since March 2024.