Funding Circle Co-Founder Samir Desai to Depart Board, Marking End of an Era

Samir Desai, co-founder of the peer-to-peer lending platform Funding Circle, has announced he will leave the company’s board next month. Desai, 41, was pivotal in establishing the platform in 2010 alongside fellow co-founders Andrew Mullinger and James Meekings. After serving as CEO for 12 years, he transitioned to a non-executive director role in 2022, but his upcoming departure marks the end of the involvement of all three original co-founders.

Desai’s exit signifies a major turning point for Funding Circle, which was once celebrated as a leader in the UK’s financial technology sector. Since its flotation in 2018, the company has encountered several challenges, with its share price plummeting from an initial listing of 440 pence. The business has struggled to achieve consistent profitability, managing to record a profit in only one year since its initial public offering (IPO). Additionally, the COVID-19 pandemic and increasing regulatory pressures forced the company to close its peer-to-peer retail operations in 2022.

Desai’s departure follows the exits of his co-founders, with Meekings leaving in 2019 and Mullinger stepping down in 2016. Despite his exit from the board, Desai will maintain a 4.9% stake in Funding Circle and is now focused on his new venture, Super Payments.

Current CEO Lisa Jacobs is leading the charge to revitalize the company, aiming for profitability after a series of job cuts and the divestiture of the company’s US division. Funding Circle’s leadership is also in the process of searching for a successor to its long-standing chairman, Andrew Learoyd, who plans to step down by March 2024.

Funding Circle’s evolution continues to capture the attention of investors and industry analysts alike as the company attempts to navigate the challenges ahead and reposition itself within the competitive fintech landscape. The departure of Desai and the complete turnover of the founding team underscores the significant transformation the company is undergoing as it seeks to establish a new identity moving forward.