DJ Completion of sale of US business
Funding Circle Plc (FCH)
Completion of sale of US business
01-Jul-2024 / 17:58 GMT/BST
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Funding Circle Holdings plc
("Funding Circle" or the "Company" or the "Group")
Completion of sale of Funding Circle's US business; focus on UK business profitable growth
Funding Circle confirms that the sale of Funding Circle's US business to iBusiness Funding, LLC (IBF) has completed
today on the terms announced on 25th June.
Lisa Jacobs, Funding Circle CEO, said: "In March, I announced that we were simplifying the business by exiting the US
and focusing on profitable growth in the UK business. With the sale of the US business to IBF alongside the UK
restructuring actions announced in May, I am pleased with our execution against this plan. The UK business is on track
to be profitable in H2, in line with our guidance. Over the medium term we expect net income growth of 15-20% CAGR with
PBT margins of >15%."
Enquiries:
Funding Circle:
Investor Relations ir@fundingcircle.com
Tony Nicol
Media Relations press@fundingcircle.com
Angeli Everitt
Headland Consultancy +44 (0) 20 3805 4822
Mike Smith / Stephen Malthouse
About Funding Circle:
Funding Circle (LSE: FCH) is the UK's leading SME lending platform. Its mission is to build the place where small
businesses get the funding they need to win. Funding Circle enables small businesses to access funding - offering an
unrivalled customer experience powered by data and technology. For institutional investors, Funding Circle provides
access to an alternative asset class in an underserved market with robust and attractive returns. Globally Funding
Circle has extended more than GBP16bn in credit to c150,000 businesses.
About iBusiness Funding:
IBF is a leading provider of lending solutions for banks and lenders of all sizes with a specialisation in SBA lending.
The company is dedicated to streamlining the business lending process to allow lenders to efficiently deliver capital
to small and medium-sized businesses. IBF has processed over USD6 billion in SBA loans to date, and the team processes
over 1,000 business loan applications through its platform daily.
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The issuer is solely responsible for the content of this announcement.
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ISIN: GB00BG0TPX62
Category Code: MSCH
TIDM: FCH
LEI Code: 2138003EK6UAINBBUS19
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.: 331357
EQS News ID: 1937303
End of Announcement EQS News Service
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(END) Dow Jones Newswires
July 01, 2024 12:58 ET (16:58 GMT)
