Funding Circle CEO Lisa Jacobs to Exit as Profits Soar!

Small business lending giant Funding Circle is set for a significant leadership change as its chief executive, Lisa Jacobs, prepares to step down. After more than four years at the helm and a tenure with the company stretching back to 2012, Ms. Jacobs will hand over the reins no later than September 2027, with the search for her successor already underway.

Her departure comes as the firm reports exceptional financial results, highlighting a period of robust growth and profitability.

Under Ms. Jacobs' leadership, Funding Circle has seen its half-year pre-tax profits more than treble, reaching an impressive £24.1 million in the six months ending June 30, a significant jump from £6 million in the same period last year.

This strong performance has led the company to raise its full-year profit outlook to over £40 million and revenues to £255 million. Despite these stellar figures, shares in the FTSE 250 listed firm unexpectedly dipped by 11% in Tuesday morning trading.

Ms. Jacobs, who was appointed CEO in January 2022, expressed confidence in the company's standing, stating,

We have shown strong growth and profitability and great foundations for the future, and now feels like the right time to start the process of handing over the reins.

Her commitment to the company began when Funding Circle was a startup in 2012, built on the conviction that technology could revolutionize small business finance. Chairman Ken Stannard lauded her "outstanding and ongoing contribution," noting, "She has transformed the business, advanced our mission and built a great team." Since its inception in August 2010 by university friends Samir Desai, James Meekings, and Andrew Mullinger, Funding Circle has extended over £18 billion in credit to more than 135,000 small and medium-sized enterprises (SMEs).

Ms. Jacobs' tenure, which began after co-founder Samir Desai stepped aside, has been marked by the successful implementation of a transformation plan aimed at building a simpler, high-growth, and more profitable business. The outgoing CEO leaves the company in what she describes as "the best position that it has ever been."

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