Funding Circle (FCH) H2 2025 earnings summary

Executive summary

• Delivered standout performance in 2025, exceeding expectations and achieving 2026 revenue guidance a year early, driven by strong customer demand and a focused strategy in a large, underserved SME finance market.

• Technology and data capabilities deepened the competitive moat, supporting scalable, capital-light growth and increased customer engagement and loyalty through a multi-product strategy.

• Lending in 2025 supported over 117,000 jobs and contributed GBP 7.9 billion to GDP.

• Achieved record engagement scores and industry recognition, reflecting a strong mission-led culture.

Financial highlights

• Revenue grew 28% year-over-year to GBP 204 million, with credit extended up 29% to GBP 2.5 billion.

• Profit before tax reached GBP 20 million, a sixfold increase from the prior year; profit after tax was GBP 46 million, aided by historic tax losses.

• Assets under management rose to GBP 3 billion, with commercial loan growth outpacing legacy COVID loan repayments.

• Active customers increased 25% over two years; credit extended up 90%, revenue up 57%, and PBT swung from a GBP 10 million loss to GBP 20 million profit.

• FlexiPay and credit card revenue grew 111% to GBP 36.9 million, with assets under management up 73% to GBP 206 million.

Outlook and guidance

• Upgraded FY 2026 guidance to circa GBP 235 million in revenue and at least GBP 35 million in PBT.

• Medium-term (FY 2029) targets: revenue of GBP 300–350 million and PBT margins trending towards low to mid-20s%.

• Continued investment in AI, product, and technology to drive future growth and profitability.