Funding Circle Chief Financial Officer quits the business
The main decision-makers in the peer to peer market are constantly changing, and this trend has been reaffirmed in the past week with the departure of Funding Circle’s head of finance, Sean Glithero.
The departure is due to take place later this year to allow enough time for an ‘order transition’ for the peer to peer lender. The transition will include the hand-over of duties to Oliver White. White has built a long career in financial services with 15 years at Barclaycard and a stint at credit card lender Capital One.
Glithero joined Funding Circle in 2017, and Chief executive Samir Desai noted Glithero as ‘an integral member of the team and someone he has always enjoyed working alongside’. Looking towards the new appointment, Desai also noted Whites ‘proven track record’ of ‘growing an international loan provider’. White shared the enthusiasm, stating that the current market for lending to SMEs is a ‘substantially underserved market’.
Share prices have been relatively stable since the departure
The share price of the peer to peer lender has not been tremendously optimistic, however, news of the departure did not cause a huge downturn in the price with a minor 3% slip at trading.
The transition period the company is entering may explain the tentative stock price in addition to the still uncertain reality of the UK’s future relationship with the EU. The troubled share price was also one of the reasons why the company was demoted from the FTSE 100 to the FTSE 250 late last year.
What does this mean for my peer to peer investments?
With constant changes in director-level positions within the peer to peer companies, it can be easy to become concerned about your investments. However current forecasts show that peer to peer lending is still a worthwhile option to consider as part of your savings portfolio.
However, we do advise that you take steps to educate yourself on the principles behind peer to peer lending and consult a financial adviser if you are unsure about any given issue. Feel free to get in touch if you have any further questions.
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