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Funding Circle Holdings to cut 85 jobs in U.S. business
Funding Circle Holdings Appoints Oliver White As CFO
Funding Circle stops all UK lending not linked to coronavirus support scheme
Funding Circle Holdings Plc, formerly Funding Circle Holdings Ltd, is a United Kingdom-based company that provides capitalized lending platform. The Company provides an online marketplace that allows entrepreneurs to access funding from investors and also allows them to borrow business loans for small and medium sized enterprises. The Company’s online market place provides both secured and unsecured loans to operate businesses, get working capital, to buy assets and to develop business properties. Its marketplace offers business loans for a tenure ranging from six months to five years. The Company provides its services through its subsidiary Funding Circle Limited.
71 Queen Victoria Street
Andrew Digby Learoyd
Non-Executive Independent Chairman of the Board
Chief Executive Officer, Co-Founder, Executive Director
Chief Financial Officer
Lucy K. Vernall
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Funding Circle <FCH.L> will cut around 85 jobs in its U.S. business, the British-based peer-to-peer lending platform said on Wednesday, as it seeks to accelerate a push to make the U.S. operations profitable.
(Adds futures, news items) Britain's FTSE 100 index is seen opening 24 points lower at 6,166 on Wednesday, according to financial bookmakers, with futures down 1% ahead of cash markets open.
Peer-to-peer lender Funding Circle said on Friday it has joined the British government's Coronavirus Business Interruption Loans Scheme, and is to stop all UK lending not linked to that programme.
The U.S. government's $350 billion effort to help ailing small businesses took several steps forward on Thursday as regulators confirmed banks would not have to hold capital against loans made under the program, and non-bank lenders were admitted to it.
British peer-to-peer lender Funding Circle will lay off 125 workers in Amsterdam and Berlin as it moves to focus on its more profitable home market, its Chief Executive Samir Desai told Reuters on Thursday.
Britain's peer-to-peer lenders faced tough new rules on Monday, which industry executives and analysts expect to prompt a clearout after the failure of two firms in the last six months.
London's FTSE 100 rose on Friday as a new stimulus plan from China helped support sentiment after U.S. jobs data disappointed and housebuilder Berkeley gained after pointing to robust conditions in key British markets despite Brexit uncertainties.
Marks & Spencer <MKS.L>, Direct Line <DLGD.L> and Micro Focus <MCRO.L> will be relegated from London's FTSE 100 <.FTSE> index from Sept. 23 following the latest quarterly review, the index operator FTSE Russell said on Wednesday.
Marks & Spencer, Direct Line and Micro Focus will be relegated from London's FTSE 100 index from Sept. 23 following the latest quarterly review, the index operator FTSE Russell said on Wednesday.
The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
* GROUP REVENUE OF £81.4 MILLION (H1 2018: £63.0 MILLION) UP 29%.
Britain's main share index scaled a more than ten-month high on Tuesday driven by gains in internationally exposed stocks that benefited from a weaker sterling.
British peer-to-peer lending platform Funding Circle Holdings Plc <FCH.L> on Tuesday halved its 2019 revenue growth projection to 20% and tightened its lending standards as reduced demand for loans hit its earnings.
Britain's FTSE 100 climbed on Tuesday, as investors shrugged off the implications of weak U.S. manufacturing data and concerns over Washington's trade deal with Beijing, while mid-cap Funding Circle tanked after cutting its revenue forecast.
Britain's FTSE 100 index is seen opening 24 points higher at 7,521 on Tuesday, according to financial bookmakers, with futures up 0.28% ahead of the cash market open.
Funding Circle Holdings Plc on Tuesday said it was cutting its expected 2019 revenue growth to 20% from 40% due to reduced demand for loans from its peer-to-peer lending platform.
Bankers hunting Europe equity raisings have had a fallow start to the year. They should get used to it.
Britain's FTSE 100 held firmly at its six-month high, marking a strong finish to the week as better-than-expected U.S. jobs data eased fears of a global economic slowdown while the pound weakened on growing Brexit jitters and lifted exporters.
European initial public offerings slumped to their lowest since the aftermath of the 2008 financial crisis in the first quarter of 2019, as uncertainty over Brexit and the U.S.- China trade dispute leaves companies not wanting to take their chances.
Britain's FTSE 100 is seen opening 34 points lower at 7,162 on Thursday, according to financial bookmakers, while FTSE 100 futures were down 0.47 percent ahead of the cash market open.
Quote and financial data from Refinitiv. Fund performance data provided by Lipper. All quotes delayed a minimum of 15 minutes.