Funding Circle saw its loans and revenues soar in 2019

Samir Desai and his team today celebrated a bumper start to the year as Funding Circle’s loans soared 44% to £3.4bn and revenues followed with growth of 40% year-on-year.

"Q1 was a period where Funding Circle reinforced its leadership position across each of its markets, reaching a new high of loans under management of £3.4 billion,” the CEO said in Funding Circle’s trading update today.

The firm also reported that loan originations hit £644m between January and March, up 23% from £525m in the first quarter of 2018.

The update also noted that yesterday the European Investment Bank agreed to lend €100m via Funding Circle over the next two years to small businesses in Germany and the Netherlands.

“We continue to implement our strategy of diversifying funding sources with a new commitment from the European Investment Bank, as well as launching two new institutional investor products," added Desai.

Lastly Funding Circle said it would launch two new institutional investor products in 2019, including private direct lending funds in Europe and ABS bonds in the US and UK.

Last week Funding Circle’sannual report revealed the company’s headcount is now over 1,000 with Desai pocketing £4m last year from his salary and share options.