As the day went on, however, the stock reached a low of 435 pence, and by the end of the day, the stock finished essentially flat. Overall, in terms of its initial public offering (IPO), the company raised £300 million.
In a statement, Funding Circle CEO and co-founder Samir Desai said, “We have always believed Funding Circle would be well-suited to the public markets and today’s milestone is recognition of the strength and global impact of our model. We look forward to starting this exciting new chapter for the business as we focus on growth across all markets and seek to create a better financial world for small businesses and investors.”
In the six months ending June 30, Funding Circle had revenues of £63 million, which is up from £40.9 million in the same period last year. Losses were £27 million during the six-month period, higher than £19.2 million from the first half of 2017. Funding Circle has facilitated £5 billion of loans, all going to small and medium-sized businesses, since its launch eight years ago.
News of the listing came as the Funding Circle Income Fund (FCIF) investment vehicle is reducing its footprint in the U.S. The fund is reportedly turning away from U.S. exposure and doubling down on local investment through new plans with the British Business Bank (BBB), P2P Finance News reported in July. The FCIF is set to receive additional funding from the BBB in a more formal partnership between the two entities.
