What a night! Highlights from our November Investor Evening
At the end of November we held our second investor evening at our London office. The invitation was open to all of our investors, as we wanted to meet more of you in person and hear your opinion first-hand. Thank you to all who came, it was a valuable forum for us and is something we’ll look to do again in the new year.
We appreciate that London is not accessible by all, so we’ll be producing 3 videos from the evening for those who would have liked to attend, but couldn’t. The first will show you the evening’s highlights, the second will be a deep dive into property lending with Luke Jooste, who heads up property finance at Funding Circle, and in the third video, you’ll hear more from the co-founders and what they see for the future of Funding Circle.
How did the evening go?
We kicked off the evening with some informal drinks and an introduction from James Meekings, co-founder of Funding Circle, and Samir Desai, co-founder and CEO. We then heard from key members of the Funding Circle team who talked about their areas in more detail, and we finished by opening the floor up to questions.
Key themes of the evening
Steve Green, Product Director, gave us some insights into how people access our website. Since 2012, we’ve seen a steady increase of visits from mobile and tablet devices, and a decrease in users accessing Funding Circle via their desktop. Of mobile devices, iOS has remained the most popular, and it’s for this reason that we launched an iOS app at the end of 2013. A quick note to Android users: we are committed to developing an app for Android, but our current focus is on improving our iOS app first.
David Townsend, our VP of Engineering also gave an overview of what we’ll be doing to help scale the business over the coming months.
Ari, Head of Underwriting, and Rahul, Head of Credit Analytics, discussed the performance of our loan book in more detail, and how our loss rates, after recoveries, have improved year -on-year, despite introducing new risk bands such as C- in 2013. (Origination values are: 2010-2011: £19.6m, 2012: £49.2m, 2013: £129m, 2014: £250m to date and you can download this information in our loan book on the statistics page.)
Property finance at Funding Circle
Luke gave an overview of the types of projects your lending is contributing to. Stay tuned for the next blog of this series where Luke will discuss more detail around property loans at Funding Circle.
Andrew Jackson, Head of Collections and Recoveries, gave us an overview of how his team have reduced the percentage of loans that are late in repaying, to a record low of 0.683%. You can find out more about the performance of our loans on our statistics page and read more about this team’s work here.
Regulation for the industry
As many of you may know, the peer-to-peer lending industry became formally authorised and regulated by the FCA in April of this year, so Lucy Vernall, General Counsel, used this opportunity to highlight some key points on what regulation meant for us. They include the need for: minimum capital requirements, the segregation of client money and having a back-up loan service provider, should Funding Circle cease to exist. It’s worth noting that we have complied with all of the above since the day we launched, and we were founding members of the P2P Finance Association back in 2011.
We’ll post the second part of our investor evening shortly.