rtmark
LearnBonds.com

Funding Circle finance boss quits peer-to-peer lender

Funding Circle said that the head of finance that brought the struggling peer-to-peer lender to market will leave the business.

Sean Glithero, 46, will step down as chief financial officer will step down “later this year, providing sufficient time for an orderly transition”, said the FTSE 250 firm.

He will be replaced by Oliver White, 51, currently chief financial officer at sub-prime credit card group Vanquis Bank.

In a career spanning almost three decades in financial services, White spent 15 years at Barclaycard, part of his time at the lender was as chief financial officer at Barclaycard, its global credit card unit with £40bn of assets, £5bn of revenues and £1.6bn in profits. White has also worked for credit card specialist Capital One.

 

Underserved market

Glithero had previously told the peer-to-peer lender he intended to leave its board and resign from his current role, Funding Circle said yesterday. He joined the group, which lends to small firms, in 2017.

Chief executive and co-founder Samir Desai (pictured) thanked Glithero for his service adding: “He has been an integral member of the team and someone I have always enjoyed working alongside.”

Desai said: “Oliver has a proven track record and deep understanding of growing an international loan provider and I look forward to him joining.”

White added: “Small and medium-sized enterprises [SME] lending is a substantial market and has been hugely underserved for years. The team at Funding Circle have shown over the last decade there is an alternative and better way to help SMEs access the finance they need to run their businesses.”

 

Cut forecasts

Funding Circle has been under pressure since it cut its group growth forecasts in half to 20 per cent in July, due to a sharp drop in demand for loans.

The group operates in the US, Germany, the Netherlands and its core UK market. It has lent more than £8bn to 77,000 small firms since it was founded in 2010.

The lender retained its 2019 forecasts of five to seven per cent annual returns on loans for its UK business, the firm’s largest market, in a fourth-quarter trading statement released earlier this month.

It added bad debts would remain broadly the same at 2.1 per cent to four per cent of the loanbook in the UK.

 

Troubled listing

The firm floated on the London Stock Exchange in October 2018 at 440p per share, valuing the platform at £1.5bn.

However, analysts say an overpriced launch and a slowing economy have taken their toll on the stock, which lags almost 80 per cent below its market debut. The firm was demoted from the FTSE 100 to the FTSE 250 last September.

Funding Circle lifted 3 per cent in early trading to 83.2p as investors digested the coming change at the head of the group’s finance operation.

Trusted & Regulated Stock & CFD Brokers

Rating

What we like

  • 0% Fees on Stocks
  • 5000+ Stocks, ETFs and other Markets
  • Accepts Paypal Deposits

Min Deposit

$200

Charge per Trade

Zero Commission

Rating

64 traders signed up today

Visit Now

75% of investors lose money when trading CFDs.

Available Assets

  • Total Number of Stocks & Shares5000+
  • US Stocks
  • German Stocks
  • UK Stocks
  • European
  • ETF Stocks
  • IPO
  • Funds
  • Bonds
  • Options
  • Futures
  • CFDs
  • Crypto

Charge per Trade

  • FTSE 100 Zero Commission
  • NASDAQ Zero Commission
  • DAX Zero Commission
  • Facebook Zero Commission
  • Alphabet Zero Commission
  • Tesla Zero Commission
  • Apple Zero Commission
  • Microsoft Zero Commission

Deposit Method

  • Wire Transfer
  • Credit Cards
  • Bank Account
  • Paypall
  • Skrill
  • Neteller

Rating

What we like

  • Sign up today and get $5 free
  • Fractals Available
  • Paypal Available

Min Deposit

$0

Charge per Trade

$1 to $9 PCM

Rating

Visit Now

Investing in financial markets carries risk, you have the potential to lose your total investment.

Available Assets

  • Total Number of Shares999
  • US Stocks
  • German Stocks
  • UK Stocks
  • European Stocks
  • EFTs
  • IPOs
  • Funds
  • Bonds
  • Options
  • Futures
  • CFDs
  • Crypto

Charge per Trade

  • FTSE 100 $1 - $9 per month
  • NASDAQ $1 - $9 per month
  • DAX $1 - $9 per month
  • Facebook $1 - $9 per month
  • Alphabet $1 - $9 per month
  • Telsa $1 - $9 per month
  • Apple $1 - $9 per month
  • Microsoft $1 - $9 per month

Deposit Method

  • Wire Transfer
  • Credit Cards
  • Bank Account
Users should remember that all trading carries risks and users should only invest in regulated firms. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
Roger Baird

Roger Baird is News Editor at Finixio. He has worked as a financial journalist for 20 years reporting on companies, capital markets and the UK economy.