Funding Circle CEO Lisa Jacobs to leave in 2027, shares down

Funding Circle Holdings PLC shares dropped on Tuesday after the company announced the departure of Chief Executive Officer Lisa Jacobs next year.

Shares in the small and medium business lender fell 7.2% to 213.50 pence on Tuesday morning in London.

This comes after Lisa Jacobs announced her intention to step down as CEO by September 2027 at the latest. Funding Circle said it will begin a formal search for her successor.

Jacobs, who has been with the company for 14 years and has served as CEO since 2022, said it "now feels like the right time to start the process of handing over the reins", as the half-year results reported earlier showed "that the business is in the best position that it has ever been".

Separately on Tuesday, Funding Circle reported pretax profit of £24.1 million for the first half of 2026, more than three times the £6.0 million reported a year earlier. Its pretax profit margin rose to 17.4% from 6.5%.

Assets under management reached £3.25 billion at June 30, compared with £2.83 billion a year earlier.

As a consequence, Funding Circle upgraded its full-year revenue guidance to over £255 million, compared with a prior guidance of £235 million. For the full year 2029, or medium-term, the company said it expects revenue between £300 million and £350 million.

Pretax profit guidance for 2026 is now over £40 million, compared with prior guidance of £35 million. In the medium term Funding Circle said it expects pretax profit margins of low to mid-20s in percent.

Funding Circle said higher cash flow was offset by its ongoing share buyback programme of up to £25 million, after which the company will start another one for the same amount.

Jacobs said the future opportunities for Funding Circle were "substantial." "UK small businesses remain underserved by traditional lenders, and our technology, data capabilities and continued product innovation mean we are well-placed to meet their needs," she commented.

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