July 3, 2017
Funding Circle announces CFO
Sean Glithero appointed as global Chief Financial Officer
● CFO of Auto Trader Group PLC will join leading lending platform for small businesses
● Announcement follows record-breaking start to 2017 for Funding Circle with approximately £800 million lent globally in the first half of the year and the UK business profitable
● Total lending has now passed £3 billion globally, benefitting 32,000 businesses in the UK, US and Europe and creating more than 80,000 new jobs
Funding Circle, the world’s leading lending platform for small businesses, today announces that Sean Glithero will join the company as its new global Chief Financial Officer. This appointment follows a record-breaking first half of 2017 for Funding Circle with approximately £800 million lent to 8,000 businesses across the UK, US, Germany and the Netherlands, with the UK business profitable.
Glithero will join Funding Circle from Auto Trader, the UK’s largest digital automotive marketplace where he is Chief Financial Officer. He joined Auto Trader in 2006 and has held various group and divisional roles within the business. He was appointed Chief Financial Officer in September 2012.
Speaking about his appointment, Sean Glithero said: “Over the last seven years, Funding Circle has cemented its place as the leading platform for small business loans globally. 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.”
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.”
Today’s news comes as Funding Circle announces record-breaking lending figures for the first half of 2017 and with the UK business profitable during this time. Global lending increased by 80% to approximately £800 million during the first half of 2017. Highlights for this period included a £82 million equity capital raise, led by Accel, a £40 million lending commitment from the British Business Bank, a £142 million C Share placement by the Funding Circle SME Income Fund and FCA authorisation in the UK.
Launched in 2010, the Funding Circle model has opened up small business lending to a wide range of investors, including 60,000 individuals, local and national government, the European Investment Bank and financial institutions such as pension funds. By improving competition in the market and reducing dependency on bank lending, Funding Circle is helping small businesses to boost their local economies and communities through much needed job creation. More than £3 billion has been lent to businesses globally, benefitting over 32,000 small business owners and creating more than 80,000 new jobs.
By bringing together industry leading risk management and cutting edge technology, creditworthy businesses typically access the capital they need in days rather than months. Research found that 94% of borrowers would come back to Funding Circle first in future, ahead of a bank.*
*‘Small Business, Big Impact’ research commissioned by Funding Circle from the Centre for Economics and Business Research, August 2016.