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Peer2Peer Finance News | October 19, 2017

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Funding Circle appoints Auto Trader CFO as platform motors on

Funding Circle appoints Auto Trader CFO as platform motors on
Marc Shoffman

FUNDING Circle has named former Auto Trader executive Sean Glithero as chief financial officer (CFO) as the platform reveals an acceleration in business lending so far this year.

Glithero had worked at Auto Trader since 2006, becoming CFO in September 2012.

He said there are plenty of similarities between both businesses.

Read more: Funding Circle US strengthens senior team

“Over the past seven years, Funding Circle has cemented its place as the leading platform for small business loans globally,” he said.

“Similar to Auto Trader, their business model is digital and data-led and they have a collaborative culture for delivering the best results for their employees, customers and investors.

“I am looking forward to joining the team and supporting the business as it continues to build on its market-leading position.”

He replaces Jeremy Bennett, who was only appointed CFO last year, but a spokesman said he is now performing a senior advisory role.

The appointment comes as the platform reveals global lending has increased 80 per cent to a record £800m in the first half of 2017 across the UK, US, Germany and the Netherlands, with 8,000 businesses accessing funds. Total lending has now passed £3bn globally, the platform says.

Read more: Funding Circle announces £82m equity investment after record quarter

Samir Desai, chief executive of Funding Circle said the UK business was profitable.

“Our ambition is to build a better financial world by revolutionising the financial system and securing a better deal for everyone, he said.

“Sean’s experience will be invaluable as we continue on the journey to creating a category-defining global company, helping thousands of small businesses access finance and create jobs, while providing investors with attractive stable returns on their investments.”

Read more: Funding Circle gains FCA approval