Business
Full Year Results
Full Year Results.
About this update from Funding Circle Holdings Plc
[{"type":"text","content":"\n \n\n\nFunding Circle Plc (FCH)\n\n\n\nFunding Circle Plc: Full Year Results 02-March-2023 / 07:00 GMT/BST\n\n\nFunding Circle Holdings plc\n\nFull Year 2022 Results\n\nEmbargoed until 7.00am, 02 March 2023\n\n \n\nTHIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014\n\n \n\nFunding Circle Holdings plc (“Funding Circle”) today announces results for the year ended 31 December 2022. \n\nLisa Jacobs, CEO at Funding Circle, says: \n\n“We’ve made good progress against our medium-term strategy, expanding our reach in distribution and depth in products. We introduced lending as a service in the US, and expanded our product set through the launch of super prime loans in the US and near prime loans in the UK. We have continued to see strong engagement with FlexiPay — so our customers can now not only borrow, but pay and spend with Funding Circle for the first time.\n\n\"I’m really pleased with how the business reacted to the evolution of the economic environment and transitioned back to commercial lending, with government schemes phasing out in 2022. Overall we delivered a solid financial performance. We were prudent in our lending in 2022, and will continue to be whilst conditions remain challenging — as expected in the UK in 2023, where we have pushed out our 2025 income targets by a year. We're confident in the US and are excited about new FlexiPay growth over the medium term. Having built strong foundations to deliver against the plan, we expect to double Group income over the next three years.\"\n\nExecutive Summary:\n\nFollowing a period of significant market uncertainty, Funding Circle has proven resilient through change, delivering a solid financial performance in FY 22 as government loan schemes were phased out.\n Loan returns remained robust and attractive with upgraded returns for several cohorts. \n Continued institutional investor demand to fund loans with new forward flow agreements in the UK and US.\n In 2022, lending through Funding Circle contributed £6.9bn to UK GDP, supported 106,000 jobs and contributed tax revenues of £1.4bn to the UK economy.[1]\n Customer satisfaction remained strong with Group NPS at 77 and a UK Trustpilot score of 4.6. In the UK it takes only six minutes to complete an online application with an instant decision for 70% of a...