Funding Circle execs take pay cuts amid Covid-19

By John Reynolds on Monday 20 April 2020

Alternative Lending

The peer-to-peer lender is also planning to 'un-furlough' a number of staff.

Funding Circle execs take pay cuts amid Covid-19
Image source: Samir Desai/Funding Circle.

Top executives at Funding Circle are taking voluntary pay cuts of 20 per cent, the latest alternative lender to cut the pay of its senior execs amid the Covid-19 fallout.

Funding Circle CEO Samir Desai and the rest of Funding Circle's board and leadership team are taking 20 per cent pay cuts.

Funding Circle said the pay cuts will be reviewed on an on-going basis.

According to Funding Circle's latest Annual Report, Desai (pictured) took a salary of £210,000 in 2019 while CFO Sea Glithero was paid £300,000. Glithero is standing down from Funding Circle.

Funding Circle also said it had "furloughed a small number of employees in the UK" while awaiting accreditation to be part of the government's coronavirus loan scheme. The peer-to-peer lender did not disclose the number of staff it had furloughed.

Last week, it was disclosed The British Business that Funding Circle has been added to a growing list of fintechs to become an accredited Coronavirus Business Interruption Loan Scheme (CBILS) lender.

Now a spokesperson for Funding Circle has told AltFi: "We expect to bring these back over the next few weeks as we officially launch. We are in the process of bringing back about half of them give the acceleration of CBILS."

Funding Circle’s accreditation comes just less than a week after other fintechs, including Starling Bank and OakNorth, were approved.

AltFi reported last week that executives at a number of crowdfunding companies including Crowdcube were taking pay cuts amid coronavirus.

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