Funding Circle plans £1bn float

THE UK’s largest peer-to-peer lender is preparing for a £1bn listing on the London Stock Exchange.

Funding Circle is planning to meet investment banks within the next few months to choose a suitable adviser for the listing, which could take place as early as autumn, according to reports.

Funding Circle was launched in 2010 by a trio of entrepreneurs as a way of lending money to small and medium-sized businesses, funded by retail investors and institutions. It has since lent more than £3bn to tens of thousands of customers.

A listing could fetch owners Samir Desai, 34, Andrew Mullinger, 35, and James Meekings, 34, a tidy sum, with reports saying Funding Circle could be worth up to £2bn.

Funding Circle’s revenues jumped 59pc to £51m in 2016 but losses increased to £47.2m, widening from £39.5m a year earlier.