Funding Circle UK Now Simpler, Leaner After Selling US Arm

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Funding Circle published its first financial statements since divesting its US business. The international small business lender’s primary market had always been the UK. In its latest shareholder presentation, Funding Circle explained that 92% of its income comes from fees.

Specifically:
53% transaction fees
27% servicing fees
12% drawdown fees

Overall, the company’s financial picture was pretty good for the first half, generating £79.9M in revenue and a small profit (before tax). The company should be well on its way to continued profitability given its plan to reduce headcount by 120 while focusing more on management layers and productivity, a plan which includes generative AI tools. One slide explains that it is now a “simpler, leaner and profitable business.”

Funding Circle pioneered peer-to-peer lending in the small business finance market. iBusiness Funding, a subsidiary of Ready Capital is the company that acquired its US business.

Last modified: September 5, 2024

Category: Uncategorized

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