New Funding Circle CFO to bolster record SME lending figures
2 min read
03 July 2017
A new Funding Circle CFO has been hired, which will see the SME lending platform’s business building its position following a record start to 2017.
Sean Glithero has stepped into the role of Funding Circle CFO, joining the company from the Auto Trader Group, where he worked for 11 years. After holding several different positions, he was named the CFO at the car marketplace in 2012.
He takes on the Funding Circle CFO mantle as the company has achieved record lending figures for the first half of the year, with an 80 per cent rise for £800m lent across the UK, US, Germany and the Netherlands to 8,000 businesses.
The peer-to-peer service is now also profitable in the UK, which will see Glithero look to capitalise on the milestone.
“Over the last seven years, Funding Circle has cemented its place as the leading platform for small business loans globally,” said Funding Circle CFO Glithero.
“Similar to Auto Trader, their business model is digital and data-led and they have a collaborative culture for delivering the best results for their employees, customers and investors.
“I am looking forward to joining the team and supporting the business as it continues to build on its market-leading position.”
With Funding Circle allowing individual investors, financial firms, government and banks to invest in SMEs, over £3bn has been lent since launching in 2010. That capital has supported 32,000 entrepreneurs and created 80,000 jobs.
Looking over H1 2017 further, highlights saw Accel and the British Business Bank investing £82m and £40m respectively. Meanwhile, Funding Circle and the Financial Conduct Authority issued a £142m C share fund.
Samir Desai, CEO and co-founder of Funding Circle said: “Our ambition is to build a better financial world by revolutionising the financial system and securing a better deal for everyone.
“Sean’s experience will be invaluable as we continue on the journey to creating a category-defining global company, helping thousands of small businesses access finance and create jobs, while providing investors with attractive stable returns on their investments.”