Investors fret as UK fintech chief bows out
Lisa Jacobs has overseen a tumultuous time at the helm of London-listed fintech Funding Circle. After she announced plans for her exit, Samuel Norman takes a look at Jacobs’ tenure in this week’s column. As she announced plans to bow out from fintech firm Funding Circle on Tuesday, Lisa Jacobs was desperate to play down [...]
Fintech Funding Circle's chief Lisa Jacobs is stepping down, leaving investors concerned amid her exit plans. The fintech firm had seen a significant shift since Jacobs took over in 2022, transforming the company from a 75% reduction from its IPO to a booming first half. Her tenure saw the introduction of the 'Medium-Term Plan (MTP)', aiming to rebuild Funding Circle into a multi-product financial platform and expand internationally.
However, after two years, the company was forced to abandon some of these plans, offloading its US business and cutting 120 UK roles to save £15m annually. Despite these changes, the firm's stock still lags far behind its IPO price and is currently valued at just under £600m. Analysts at Investec are now raising their target price to 280p, viewing the company as undervalued compared to its peers.
With a glowing half-year update, the firm's revenue has risen by 50%, leading to an upgrade in profit forecast.
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