Funding Circle Plc: Full Year 2024 Results

Funding Circle Plc reported a transformative year in 2024, achieving a 23% revenue growth to £160 million, and surpassing profit expectations with a £3.4 million FY profit. The company's focus on a leaner and more profitable structure led to significant increases in Term Loans and FlexiPay services.

The Term Loans business saw a 33% increase in originations, driven by strong SME demand. FlexiPay, a shorter-term lending product, experienced rapid adoption, doubling its transactions, and fueling overall growth.

Funding Circle's strategic advancements, including the launch of a Cashback credit card, aim to enhance its offering, helping small businesses borrow, pay later, and spend more efficiently. With these strong foundations, the company expects to achieve its medium-term target of over £200 million in revenue with PBT margins exceeding 15%.

The company streamlined operations by selling its US business, leading to a £10 million gain, while cost-efficiency measures project £15 million in annual savings starting 2025.