𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

Small business lender Funding Circle has revealed plans for its boss of more than four years to step down by next September as it upped its annual profit outlook.

The group said Lisa Jacobs is set to leave “no later” than September 2027 and will now kick off the search for her replacement.

Ms Jacobs has been with the group since 2012 and was appointed chief executive in January 2022.

The succession plans come as the firm said half-year pre-tax profits more than trebled to £24.1 million in the six months to June 30, up from £6 million a year ago.

It hiked its full-year outlook to more than £40 million in pre-tax profits and £255 million in revenues following the strong first half, up from previous guidance for profits of at least £35 million and revenues of around £235 million.

But shares in the FTSE 250 listed firm fell 11% in Tuesday morning trading despite the profit cheer.

Outgoing boss Ms Jacobs said the results show the business is “in the best position that it has ever been”.

She said: “We have shown strong growth and profitability and great foundations for the future – and now feels like the right time to start the process of handing over the reins.”

The group’s chairman, Ken Stannard, paid tribute to Lisa’s “outstanding and ongoing contribution to Funding Circle”.

“She has transformed the business, advanced our mission and built a great team,” he said.

“When she joined in 2012, Funding Circle was a start-up built on a simple conviction: that technology could transform how small businesses access finance.

“Since then, we’ve extended more than £18 billion in credit to more than 135,000 SMEs, and delivered the transformation plan set out in March 2024 to build a simpler, high-growth and more profitable business.”

Ms Jacobs took on the top job when former chief executive and co-founder Samir Desai stepped aside.

Funding Circle was set up in August 2010 by three university friends – Mr Desai, James Meekings and Andrew Mullinger.