Home Online loan Funding Circle Appoints New CEO As It Turns To Profit

Funding Circle Appoints New CEO As It Turns To Profit


LONDON, Sept. 9 (Reuters) – The director of online lending platform Funding Circle (FCH.L) will succeed Samir Desai as chief executive, the company said on Thursday, reporting increased profits in the first semester of the year. .

Lisa Jacobs will take the helm on Jan. 1, when Desai becomes a non-executive director, the company said.

Funding Circle posted an operating profit of 35.5 million pounds ($ 48.9 million) in the first half, compared to a loss of 113.5 million pounds in the same period last year.

The company said loans under management rose 33% to a record £ 4.9 billion, thanks to increased automation of its loan application process.

Funding Circle, which Desai founded in 2010, saw early success as one of the first peer-to-peer lending platforms connecting retail and institutional investors with small business borrowers.

It has fared less well in recent years, however, and its shares plunged when they debuted in September 2018.

The company added on Thursday that its performance in the first half was better than expected and that it is unlikely to be repeated in the second half.

($ 1 = 0.7267 pounds)

Reporting by Lawrence White Editing by David Goodman

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