Peer-to-peer lending marketplace Funding Circle has turned an operating profit for the first time.
In Brief:
It's turned a profit of £7.2mn.
It says that it expects this profitability to continue through the coming year.
Loan management has grown 13% to £4.2bn.
What does this mean?
Samir Desai, CEO and founder of Funding Circle, told AltFi that the firm’s adjusted EBITDA metric meant it turned a profit of £20.3mn in the second half of 2020. He says it’s seen a “huge acceleration” in the shift toward online lending over the past year.
