FinTech giant posts strong revenue growth
Peer-to-peer lending platform Funding Circle posted revenue growth of 55 per cent for 2018.
The London-based FinTech said in a statement to the London Stock Exchange that the growth exceeded the guidance of 50 per cent set out when it floated last September.
It now has £3.1 billion of loans under management.
“Funding Circle delivered a strong end to 2018 which resulted in exceeding our revenue and loans under management guidance for the year,” said CEO and co-founder Samir Desai CBE.
“We were pleased to announce a number of new institutional investor transactions in Q4, which is further validation of the attractive risk-adjusted returns generated on the Funding Circle platform.
“We enter 2019 with continuing confidence and remain focused on delivering our growth strategy set out at IPO.”
In November the British Business Bank announced a commitment of up to £150 million for lending to UK small businesses through Funding Circle while the following month Waterfall Asset Management agreed to invest in £1 billion of loans originated through Funding Circle’s UK platform over a two-year period.