Annual Report 2025
growth
A platform for
Featured on the cover:
Fast access to funds enabled
The Nest Climbing to expand its
facilities in West London.
More information online at
corporate.fundingcircle.com
We’re the UK’s leading SME
finance platform, backing
small businesses withthe
funding they need to win.
02 About us
04 Summary of the year
06 Chair’s statement
10 Chief Executive’s statement
12 Our business model
14 Our strategy
16 Key performance indicators
18 Our customers
20 Our products
22 Technology and data
26 Our people
30 Environmental, social
and governance (“ESG”)
44 Non-financial and sustainability
information statement
45 Engaging our stakeholders
49 Financial review
57 Risk management
61 Principal risks and uncertainties
69 Viability and going
concern statements
72 Chair’s introduction
73 Governance at a glance
74 Board of Directors
76 Corporate governance report
84 Report of the Nomination
Committee
88 Joint Report of the Audit and
Risk Committees
94 Report of the ESG Committee
96 Directors’ remuneration report
112 Report of the Directors
115 Statement of Directors’
responsibilities in respect
of the financial statements
117 Independent auditors’ report
124 Consolidated statement of
comprehensive income
125 Consolidated balance sheet
126 Consolidated statement of
changes in equity
127 Consolidated statement
of cash flows
128 Notes forming part of the
consolidated financial statements
176 Company balance sheet
177 Company statement of changes
in equity
178 Company statement of cash flows
179 Notes forming part of the
Company financial statements
187 Alternative performance measures
188 Glossary
191 Shareholder information
192 Company information
Contents
Strategic
report
Corporate
governance
Financial
statements
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS
Funding Circle Holdings plc | Annual Report and Accounts 2025
01
Our products
Our product suite enables businesses to borrow, pay
later and spend. Enabled by our proprietary data and
AI-powered technology, we provide SMEs with the
right product at the right time to support them through
every stage of their growth.
Our market
Since 2010, we have been powering small
businesses with the funding they need by
leveraging our technology and data to deliver
a superior customer experience. With a large
and underserved market, we are proud of
theimpactwemakeinpoweringthenation’s
SMEs, which are critical to the UK economy.
5.7m
SMEs in the UK
£80bn+
SME debt outstanding
£80bn+
SME credit card transactions
Our business model
page 12
Our products
page 20
Our customers are the chocolate makers,
climbing centres and the tea mixologists
who are the backbone of the economy.
We create
Borrow
Longer term
Pay later
Monthly
Spend
Daily
About us
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS
Funding Circle Holdings plc | Annual Report and Accounts 2025
02
growth
Our impact
Weplayasmallbutimportantpartinbusinesses’lives.
When we back businesses with finance, not only does it
enable them to grow and run their businesses, but it also
supports employment and economic growth.
£7.9bn
contribution to GDP
117k
jobs supported
£2.2bn
generated in tax receipts
Chief Executive’s statement
page 10
Financial review
page 49
Our customers
page 18
Our mission is to provide the vital funding small businesses need
to succeed. By fuelling their success, we support job creation
and strengthen resilience in communities across the country.
More information online at
corporate.fundingcircle.com
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS
Funding Circle Holdings plc | Annual Report and Accounts 2025
03
growth
Profit before tax (£m) (before exceptional items)
£20.3m
20.3
3.4
(9.9)
2025
2024
2023
Revenue (£m)
£204.3m
204.3
160.1
130.1
2025
2024
2023
Credit extended (£m)
£2,453m
2,453
1,899
1,294
2025
2024
2023
Active customers (thousands)
52.7
47.9
42.0
52.7
2025
2024
2023
Summary of the year
For more detail
page 49
Financial performance
I’m delighted with our strong
performance this year. We supported
more small businesses than ever before,
saw record customer engagement,
grew profit before tax significantly and
achieved our medium-term revenue
target of more than £200 million a
year ahead of schedule.
This performance is due to our strategic
transformation, announced in 2024,
focusing on profitable, multi-product
UK growth. It demonstrates the strength
of our capital-light business model, new
product investment, and the power of
our proprietary data and technology
tomeet growing customer demand.
We enter 2026 with a clear platform
for growth as we become a more
meaningful part of our customers’
lives, serving more of their needs, and
capturing a larger share of their financing.”
Lisa Jacobs,
CEO
The Strategic Report was approved by the Board on 5 March 2026.
Lisa Jacobs
Chief Executive Officer
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS
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04
Funding growth
Fast access to funds enabled
The Nest Climbing to expand
its facilities in West London.
How we helped The Nest Climbing
The Nest Climbing in Hayes is more than a gym; it’s a
London sanctuary where fitness meets community.
Climbing enthusiasts Rob Lawley and Sam Hunter opened
The Nest in 2019 to make climbing inclusive, and now the
centre offers a welcoming space for bouldering, yoga, and
connection. To fuel its growth, a £22,000 Funding Circle
Term Loan provided essential funds to expand its facilities
and add a cafe, ensuring it remains a supportive ‘nest’ for its
vibrant and growing community.
Getting a fast injection of funds
meant we could expand our
business to offer a cafe as well
astop-level climbing experiences;
now we’re more embedded in
thecommunity than ever.”
Sam Hunter
Co-Founder, The Nest Climbing Limited
Funding Circle Holdings plc | Annual Report and Accounts 2025
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STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTSSTRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS
Funding Circle Holdings plc | Annual Report and Accounts 2025
05
I am delighted to present my first annual
statement as Chair of Funding Circle
following my appointment in May 2025.
Assuming this role through such a
transformative period for the Group is a
significant responsibility. Funding Circle’s
mission to support the small businesses
that serve as the engine of the UK economy
remains as vital today as it was at our
founding 15 years ago. Small and medium-
sized enterprises (“SMEs”) have historically
been underserved by traditional financial
institutions, and our platform is uniquely
positioned to bridge that gap with speed,
transparency, and innovation.
Before reviewing our progress, I would
like to extend my sincere gratitude to my
predecessor, Andrew Learoyd. Having
served on the Board since the Company
was founded, Andrew’s leadership was
instrumental in navigating Funding Circle
from its early stages to its current status
as a market leader.
Reflecting on a year of strategic momentum
In 2025, the Board’s oversight focused
on ensuring that the Group successfully
transitioned from its 2024 reset into a
period of high quality, profitable growth.
While the macroeconomic environment
remained uncertain, our commitment to
doing the right thing for our customers and
shareholders drove a record performance.
Following the successful execution of
our 2024 plan to become a simpler,
leaner, UK-focused business, we are now
realising the full benefits of that discipline.
Group revenue has grown significantly,
and profit before tax increased to
£20.3 million, representing a substantial
rise from the £3.4 million reported in 2024
before exceptional items. This financial
performance validates our strategic
pivot and demonstrates the operating
leverage inherent in our business model.
It is particularly pleasing to see the
established Term Loans business delivering
improved profitability alongside the scaling
of our newer transactional products.
The platform advantage and
long‑term value
A central pillar of our Board discussions
this year has been the evolution of our
‘borrow, pay later, spend’ product offering.
By moving beyond a single-product
lending model, Funding Circle is becoming
an indispensable financial partner for
SMEs, integrating itself more deeply into
their daily operations. This has increased
customer transaction from once every half
hour to every 38 seconds, providing a far
better understanding of SME needs and
improved product innovation.
As a Board, we view our proprietary
technology and data platform as the
Group’s most significant competitive
advantage. By leveraging AI-powered risk
models trained on 15 years of unique data
sets, we maintain a disciplined approach to
credit risk while providing a superior
experience for our customers. This ‘data
moat’ is not just an operational tool; it is a
structural asset that protects our market
share and drives long-term profitability.
Our ongoing investment in Generative AI
(“Gen AI”) applications is enhancing our
ability to scale efficiently while maintaining
the necessary oversight to ensure prudent
and responsible lending with a ‘human in
the loop’ approach. This is underpinned by
robust governance across the business,
including oversight from the Board Risk
Committee, management steering groups,
and internal audits of Gen AI controls.
Monitoring the risks associated with this
technology remains a key priority for the
Board in 2026.
Governance, risk, and capital allocation
A primary responsibility of the Board is
ensuring we have the right leadership and
governance structures to drive our
multi-product vision. This year, we
oversaw several important transitions.
Ken Stannard
Chair
profitable
A year of strong,
growth
Our transition to a
multi-product platform
securesFunding Circle’s
position as the primary
financial partner for the
UK’s SME ecosystem.”
Chair’s statement
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS
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We were pleased to welcome Maeve Byrne
and Richard Harvey, who both joined the
Board as Non-Executive Directors. Maeve
now chairs our Audit Committee, and
Richard our Risk Committee, both bringing
a wealth of invaluable experience from
across the financial services sector.
This year, I was pleased to join Maeve
Byrne and Helen Beck for an internal
‘All-Hands’ meeting where we discussed
our vision for the Group’s future directly
with Circlers. The Board was also proud to
celebrate International Women’s Day
through a panel discussion featuring a
customer, a broker, a Circler and Helen
Beck, whose insights we continue to
benefit from in her role as Workforce
Engagement Non-Executive Director,
ensuring the feedback of our people
remains central to our strategic discussions.
I am also grateful that Helen agreed to
become our Senior Independent Director
in July. On behalf of the Board, I would like
to extend my gratitude to Geeta Gopalan,
who served as Senior Independent
Director since 2018. Her experience and
expertise were invaluable to the business
throughout her tenure.
We have also seen an evolution within our
Executive team. At the start of the year,
Tony Nicol transitioned into the role of
Chief Financial Officer. Having previously
served as our Director of Finance and
Investor Relations, Tony succeeded
Oliver White on 1 January 2025, ensuring
a smooth and knowledgeable transition
in our financial leadership.
The Board also continues to prioritise a
disciplined capital allocation strategy.
During 2025, we maintained a robust
balance sheet while continuing to return
value to shareholders through our share
buyback programme. We believe this
balanced approach, investing in high
growth products like FlexiPay while
returning excess capital, is the most
effective way to deliver long-term Total
Shareholder Return.
Our role in the UK economy
Beyond the balance sheet, the Board
remains acutely aware of Funding Circle’s
social and economic impact. In 2025, our
lending supported thousands of jobs and
contributed significantly to the UK’s GDP
and tax receipts. By providing credit to
businesses in every one of the country’s
650 constituencies, we are playing a
tangible role in supporting local communities
and fostering economic resilience.
Looking ahead
Funding Circle is at a pivotal moment.
We have successfully transformed the
business model and are now positioned
to lead the UK’s SME finance sector into
a new era of opportunity. I want to thank
our CEO, Lisa Jacobs, her Executive team,
and all our Circlers for their unwavering
dedication to our mission. Their passion
is the foundation of our success.
I am confident that the foundations laid
in 2025 have positioned us to deliver
sustainable value for our customers and
shareholders alike. We remain focused
on our vision to be the UK’s most trusted
financial partner for small businesses.
Ken Stannard
Chair
5 March 2026
I am confident that the
foundations laid in 2025
have positioned us to
deliver sustainable value
for our customers and
shareholders alike.”
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Chair’s statement continued
Q&A
Ken discusses 2025’s
record profitability, the
evolution of our multi‑
product strategy, and how
we are driving long‑term
shareholder value.
Q
You joined Funding Circle at a
pivotal moment. What was it about
the business that attracted you?
A
What compelled me to join was the
clarity of the mission and the unique
infrastructure built to achieve it. We
exist to help small businesses get the
funds they need to run and grow their
businesses, and in doing so, we help
address a significant structural gap
in the SME lending market that
traditional banks have historically
underserved. It’s a hugely exciting
time to join the business as we
transition to a UK-focused, multi-
product model. By combining high
engagement products like FlexiPay
and card with our established Term
Loans, we are building a scalable
and sustainable business that better
serves our customers and drives
long-term shareholder value.
Q
2025 saw a significant increase
in profitability. How has the Board
balanced growth with the need for
rigorous risk management?
A
Delivering profit before tax of
£20.3 million in 2025, a substantial
increase from the previous year,
validates our strategy, but the Board
remains vigilant that growth does not
come at the expense of credit quality.
Our approach combines the speed
of innovation with prudent oversight.
While we are proud that 73% of loan
decisions are instant, enabling a
frictionless experience for SMEs, we
maintain a ‘human in the loop’ policy.
This ensures that while we leverage
AI to enhance decision quality
and effectiveness, we retain the
judgement necessary to navigate
complex credit environments with a
team of experienced underwriting
experts. To maintain this balance,
we have embedded Gen AI risk
management into our Enterprise
Risk Management (“ERM”) framework
and established structural oversight
through a Gen AI steering committee
(see page 58 for further information).
The Board’s priority is to ensure
our credit models remain resilient,
evidenced by our ability to deliver
robust returns to our platform
investors even through challenging
macroeconomic cycles.
Q
Shareholders are keen to
understand your approach to
capital allocation. Why did you
prioritise buybacks in 2025?
A
The Board continuously assesses how
to deploy capital to generate the best
value. In 2025, we expanded our share
buyback programme because we have
high confidence in the Group’s intrinsic
value and its cash-generative profile.
With unrestricted cash at healthy levels
and a market share price that does not
fully reflect the growth potential of our
platform, we determined that reinvesting
in our own business is an efficient use
of funds. With our Term Loans business
consistently generating cash, we
were able to continue the buyback
programme whilst preserving the
flexibility to invest in new products
and future growth opportunities.
Q
We are seeing a shift from ‘lending’
to a broader ‘borrow, pay later,
spend’ ecosystem. How does this
change the Board’s view of the
Company’s competitive set?
A
We are moving beyond simply
competing for loans to competing for
daily relevance. By expanding our
ecosystem to include ‘borrow, pay
later, and spend’, we have transformed
the frequency of our client interactions
from once every half hour to a
transaction every 38 seconds,
deepening customer relationships as
we meet more of their needs. We are
becoming a comprehensive financial
partner for SMEs, managing their daily
cash flow through FlexiPay and spend
through our Cashback card product.
This multi-product strategy not only
deepens customer loyalty, with over
80% of FlexiPay revenue coming from
repeat borrowers, but also diversifies
our revenue streams, making the
business model more resilient.
Q
Looking ahead, what is the Board’s
role in ensuring Funding Circle
stays at the forefront of the Gen
AI developments?
A
As we transition to becoming an
AI-native business in 2026 and
beyond, the Board’s role will focus on
the responsible implementation and
governance. We are already utilising
Gen AI to improve productivity,
accelerate software development
and enhance customer experience,
amongst other things. Looking ahead,
the focus is on deeper integration
throughout the business. The Board
must ensure that as we deepen the
use of AI, we also, in parallel, enhance
the rigorous security of our proprietary
data assets, which are the fuel for this
technology. We are investing in
learning and development to ensure
the entire team is AI fluent, and we are
equally focused on ensuring these
powerful tools are deployed
responsibly to solve real
customer problems.
Q
Funding Circle contributed
significantly to UK GDP and
job support in 2025. How
does the Board view the link
between social purpose and
financial performance?
A
The Board views the ‘S’ in ESG not
as a separate initiative, but as intrinsic
to our commercial success. In 2025
alone, our lending supported 117,000
jobs and contributed £7.9 billion to
GDP. When we look at a map of the
UK, we see pins in every corner of the
country, representing businesses we
have backed in all 650 parliamentary
constituencies. By acting as a
facilitator of economic growth, we
help create an environment in which
our customers can thrive, which
directly drives the financial returns
we deliver to our shareholders.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS
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How we helped
Wick & Tallow Bespoke
Since launching in 2011, Wick & Tallow have
grown from a Portobello Market stall into a
bespoke luxury fragrance brand. Alice Malcolm
Green’s vision to bring English eccentricity
combined with operational agility to a traditional
market has led to the brand successfully expanding
beyond candles into home fragrance. Funding
Circle has supported the business with three Term
Loans since 2021 for growth, and since 2024 Alice
and her partner James have been using FlexiPay
to spread supplier payments for materials over
several months, helping them to better manage
cash flow, and enabling them to scale faster
with confidence.
We love FlexiPay, as it allows us
to pay our suppliers and split
payments over a few months,
helping us to manage cash flow
and keep up to date with invoices.”
Alice Malcolm Green
Founder, Wick & Tallow Bespoke Ltd
Funding growth
Funding Circle Holdings plc | Annual Report and Accounts 2025
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STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTSSTRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS
Funding Circle Holdings plc | Annual Report and Accounts 2025
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I’m really proud of our performance in
2025, it has been a standout year for
Funding Circle. We supported more small
businesses than ever before, grew
revenue 28% to £204 million, achieving
our medium-term revenue target a year
ahead of schedule, grew profit before tax
(“PBT”) to over £20 million and achieved
record Circler engagement.
In 2024, we launched our plan to become
a simpler, leaner and UK-focused
multi-product business, and, after two
years of strong execution, we are realising
the benefits. Our performance was driven
by new product innovation and strong
demand, underpinned by the power of
our proprietary data and technology
and capital-light business model.
Our position as the UK’s leading SME
finance platform is stronger than ever.
We are serving a large and underserved
market, enabling businesses to borrow,
pay later, and spend, delivering a superior
customer experience and attractive
returns to our platform investors. And,
we’re still just getting started.
Business finance that backs
small businesses
For 15 years, we have backed the small
businesses that keep the UK economy
moving. We have extended c.£17 billion
of credit to over 125,000 UK businesses.
We’re passionate about what we do, the
businesses we support are the restaurants,
popcorn makers, furniture manufacturers
and flooring suppliers. They sit at the heart
of local communities, driving growth and
creating jobs, and it’s an honour to play
a small but important part in their stories.
In 2025, I enjoyed meeting Mehrdad and
Ayda at Beauty Boutique, a day spa in
Hampstead, and Atif at Interior Designs
Concepts, an interior design business in
Putney, both husband and wife teams
who told me how Funding Circle’s finance
helps them run their business supporting
purchases of aesthetics machines and
managing working capital, so they can
deliver the best for their customers. Their
stories are typical of the passionate and
dedicated SMEs we fuel across the country.
In 2025, lending through Funding Circle
supported 117,000 jobs, £7.9 billion in GDP
contribution and £2.2 billion in tax receipts.
We once again lent to businesses in every
one of the country’s 650 constituencies,
powering tens of thousands of SMEs.
Strong financial performance
We delivered a strong performance in
2025. Group revenue grew by 28% to
£204.3 million, while PBT increased
significantly to £20.3 million (2024:
£3.4 million before exceptional items).
This result was driven by growth across our
product set, product innovation, increased
demand and increased operating leverage
in our core Term Loans business.
As we have diversified our product set, I’ve
been pleased to see the impact. We now
offer over ten different products, we have
a customer transaction every 38 seconds
(vs. every half an hour in 2021), and in H2
last year, 50% of our credit extended came
from outside our core term loan products.
We remain capital-light with a robust
balance sheet. We are continuing to return
value to shareholders through share
buybacks, having purchased 17% of our
initial share capital since March 2024,
while maintaining a strong cash position
to support growth.
Strategic progress: borrow,
pay later, spend
Over the last few years, we have executed
against our multi-product strategy, driving
an expanded customer set, an increased
share of wallet and deeper customer
engagement. Today, we are a more
important part of our customers’ lives.
Lisa Jacobs
Chief Executive Officer
platform
A clear
for growth
Chief Executive’s statement
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS
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We are executing against our four strategic
pillars to drive profitable growth:
1. Get to ‘Yes’: Expanding our product
offering, improving our customer
service and our credit segmentation to
get to ‘Yes’ for more businesses. This
year we reorganised our sales teams
to better serve customers’ financial
holistic needs, launched a shorter-term
loan product, and further expanded our
Marketplace partnerships to support
those we cannot fund directly.
2. Expand our audience: Through new
distribution channels and product sets,
we are broadening the range of
customers we can serve and attract.
Our Cashback card is bringing new
customers into the Funding Circle
ecosystem. We continue to invest in
our existing direct and intermediated
distribution channels, and our new
partnership with TNT Sports, building
on our existing partnership with
Gallagher PREM Rugby, will also
put Funding Circle in front of new
SME audiences.
3. Scale our product offering: We are
driving our newer products, FlexiPay
and Cashback card, towards scale and
profitability. We have made good
progress building out product features
to offer more flexibility for customers.
4. Build a seamless lifetime customer
experience: We are serving our
customers across a broader set of
needs and by solving more problems
for our customers, we are laying the
foundations for long-term relationships
as their trusted financial partner.
We enter 2026 with a clear platform for growth as we become
a more meaningful part of our customers’ lives, serving more
of their needs and capturing a larger share of their financing,
to fuel even more SME success stories across the UK.”
Our technology and data advantage
When I speak to our customers, they want
fast and easy access to credit with a human
touch. In a small business, the owners
are the operators, the marketers and the
financiers. We provide a six-minute
application form, instant decisions for 73%
of applicants, and funding in as little as
24 hours. This drives strong satisfaction
with an NPS (Term Loans) of 79 and lets
customers focus on what they do best,
running their businesses.
We can do this thanks to our data and
technology, which delivers a competitive
advantage. Our AI-powered risk models
are trained with our proprietary data on
hundreds of thousands of loans and
transactions alongside public data
sources, discriminating risk three times
better than bureau scores alone.
We continue to invest in our technology
and data stack. Gen AI forms part of this as
we evolve into an AI-native organisation.
We are leveraging AI to improve customer
experience and productivity, from better
understanding customer sentiment and
serving customers faster, to speeding up
product development. We are deploying
Gen AI thoughtfully and safely with a
‘human in the loop’ approach.
People and culture
Our results and strategic progress are all
testament to the hard work of our Circlers.
It is their passion, commitment and
dedication that mean we continue to help
more SMEs thrive. I’m proud to work
alongside them, and delighted that we
achieved a record employee engagement
score of 74% in 2025.
This year, we launched our new ‘People
Pact’ reflecting our collective commitment
to be all in and ‘On A Mission’ every day to
back small businesses, to grow fast, to
belong together, to build better, and to be
different. At Funding Circle we are on a
mission that really matters and ultimately
reaps rewards for our Circlers, our
customers, our investors and
shareholders, and our business.
Looking ahead
When I look at the opportunity ahead, I’m
excited by the potential that we have in
continuing to become our customers’
trusted financial partner. We enter 2026
with a clear platform for growth as we
become a more meaningful part of our
customers’ lives, serving more of their
needs and capturing a larger share of their
financing, to fuel even more SME success
stories across the UK.
Lisa Jacobs
Chief Executive Officer
5 March 2026
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11
Our business model
platform
Our unique
connects investors with customers,
helping them achieve growth
Learn more about our business:
Borrowers
SMEs seeking fast, simple finance, with products
tailored to every stage of their journey.
Deep
data lake
Funding Circle
platform
Instant decision
platform
Term Loans
Unsecured loans up to £750,000 for up to six
years, typically with a personal guarantee.
Our borrower base is highly diversified across
regions and industries, which helps ensure robust returns
and mitigates the effects of changing economic conditions.
Typical borrowers through the platform are well-established
businesses seeking efficient financing solutions.
l 10 years’ trading history
l 7 employees
l ~£750k revenue
l ~£75,000 loan size
l 4 years average term
l Six-minute application and 24-hour turnaround
60%
Marketplace
l Other credit products via Marketplace
7%
33%
FlexiPay line
of credit
Cashback
card
Our strategy
page 14
Our stakeholders
page 45
Our products
page 20
Governance
page 72
%
credit extended
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS
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