StockMarketWire.com - Funding circle said revenues grew sharply as loans under management surged in the first quarter on the back of a 23% rise in originations.


 For the 3 months ending 31 March, loans under management grew 44% to £3.4bn as originations jumped 23% to £64m for the year.



The company reported revenue growth of approximately 40% year-on-year through a combination of greater loans under management and originations, higher transaction yield, due in part to policy changes last year in the US, plus growth in other revenue lines.

Funding Circle confirmed that the group was trading in line with the board's expectations for the full year. 'Q1 was a period where Funding Circle reinforced its leadership position across each of its markets, reaching a new high of loans under management of £3.4 billion. We continue to implement our strategy of diversifying funding sources with a new commitment from the European Investment Bank, as well as launching two new institutional investor products,' said said Samir Desai CBE, CEO and co-founder. 



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