Funding Circle CEO Lisa Jacobs to step down by September 2027

Funding Circle, a listed SME finance platform, has announced that CEO Lisa Jacobs will step down no later than September 2027. Jacobs, who has been with the company since 2012 and assumed the top role in January 2022, stated that the business is in its strongest position to date, making it the right time to begin the succession process.

The announcement coincides with a significant increase in the company's financial outlook. Half-year pre-tax profits rose to £24.1 million for the period ending June 30, compared to £6 million from the previous year. Consequently, the group has raised its full-year guidance, forecasting pre-tax profits of more than £40 million and revenues of approximately £255 million.

Despite the improved profit outlook, shares in the FTSE 250 company fell 11% during Tuesday morning trading. The company's board has commenced a formal search for a successor to build upon the platform's current growth and profitability.