After twelve years in the position, Samir Desai is to step down as chief executive of peer-to-peer lending marketplace Funding Circle.

Lisa Jacobs, who is currently managing director of the company, will take over from 1 January 2022. She first joined Funding Circle as chief strategy officer in 2012.

Prior to joining the business, Jacobs was a financial services consultant at the Boston Consulting Group

Desai will take on a new role as non-executive director.

The announcement follows a record first half for Funding Circle, with total income of £120.6 million, AEBITDA of £53.3 million, and operating profit of £35.5 million.

“Funding Circle is in the strongest position it has ever been so after 12 years as CEO I have decided that now is the right time to step back from running the company and transition to a role on the Board,” said Samir Desai. “I am delighted that Lisa will be our next CEO. I have worked closely with her for the last 9 years and she will lead Funding Circle to the next level.”

He added: “As a founder, member of the Board and shareholder, I remain fully committed to Funding Circle. I'm incredibly excited about our future growth opportunities and I am looking forward to supporting Lisa and the team in my new role.”

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