Funding platform Funding Circle has revised up its earnings estimates after its involvement with the Covid support scheme gave a boost to the business.
In a market update today, the group said it now expects its H1 2021 total income to be no lower than £120m and AEBITDA to be no lower than £40m profit, with both operating and investment AEBITDA ahead of H2 2020 levels.
The number of loans under management at Funding Circle hit a record in 2020, with the firm’s involvement in the Covid support scheme giving a boost to the business.
The lender has approved 27 per cent of all Coronavirus Business Interruption Loan Scheme (CBILS) loans since it became involved with the scheme, making it the UK’s third largest CBILS provider.
Samir Desai, CEO and founder of Funding Circle, said: ” Our machine learning and technology platform is transforming the small business borrowing experience and as a result of Covid we are seeing an acceleration in the adoption of online borrowing, which has opened up an enlarged opportunity for Funding Circle.
“Whilst we remain mindful of the uncertain economic environment, we are well-placed to continue helping small businesses in 2021.”