The figuresFunding Circle fell to a £51.6m operating loss in 2018, 40 per cent up from a loss of £36.9m the previous year. Read more: Funding Circle beats revenue growth forecasts three months on from IPO
Why it’s interestingFunding Circle's shares stood 2.3 per cent higher after this morning’s surge to 358.9p, as the firm saw loans under management grow by 55 per cent in 2018. However, the company is still below its IPO target price of 440p. The fintech giant made a disappointing debut on the London Stock Exchange in October last year, with shares falling as much as 24 per cent below its initial price target. Funding Circle aims to increase its global market share “substantially” over the medium term and plans to enter the Canadian market this year.
In the UK, net lending to small and medium sized enterprises (SMEs) was £725m beat out high street banks, which collectively loaned small businesses just £515m.