Funding Circle unveils plan to go public at LSE

Monday, 03. September 2018 09:46

Samir Desai, cofounder and chief executive of Funding Circle Holdings Ltd., expressed determination on Monday "to build a better financial world" as the company announced the intention to conduct an initial public offering. "By combining cutting-edge technology with our own proprietary credit models and sophisticated data analytics, we deliver a better deal for small businesses and investors around the world," he said. The flotation, where Britain's largest peer-to-peer lending business aims to raise £300 million, would reportedly value it at up to £2 billion, though the target in the filing is set at £1.65 billion.

Existing shareholders may also sell a part of their holdings and the company is said to be debuting in the stock market with a quarter or more of its equity. The eight-year-old financial technology firm said it would change the registered name to Funding Circle Holdings Plc. It also has operations in the United States, Germany and the Netherlands.

Heartland A/S, controlled by Danish investor Anders Holch Povlsen, acknowledged it would purchase a minimum of one tenth at the target valuation. Other prominent shareholders are Singapore's sovereign fund operator Temasek Holdings Pte. Ltd., Baillie Gifford and Co. Ltd., DST Global Investments Ltd., Index Ventures, Rocket Internet SE, BlackRock Inc. and Accel.

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