Business
Completion of sale of US business
Completion of sale of US business.
About this update from Funding Circle Holdings Plc
[{"type":"text","content":"\n \n \n \n\n\t\n\n\n\n\n\n\n\n\n\n\n\nFunding Circle Plc (FCH)\n\n\n\n\n\n\nCompletion of sale of US business 01-Jul-2024 / 17:58 GMT/BST\n\n\nFunding Circle Holdings plc\n\n(“Funding Circle” or the “Company” or the “Group”)\n\n \n\nCompletion of sale of Funding Circle’s US business; focus on UK business profitable growth\n\n \n\nFunding 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.\n\n \n\nLisa 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%.”\n\n \n\nEnquiries:\n\n \n\nFunding Circle:\n\nInvestor Relations [email protected]\n\nTony Nicol \n\n \n\nMedia Relations [email protected]\n\nAngeli Everitt\n\n \n\nHeadland Consultancy +44 (0) 20 3805 4822\n\nMike Smith / Stephen Malthouse\n\n \n\nAbout Funding Circle:\n\nFunding 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 £16bn in credit to c150,000 businesses.\n\nAbout iBusiness Funding:\n\nIBF 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 $6 billion in SBA loans to date, and the team processes over 1,000 business loan applicati...