Lisa Jacobs, CEO, said:

"2021 was a successful year for Funding Circle. We continued to deliver a superior customer experience through our world-class technology, with over 70% of UK applications now receiving an instant decision. SMEs are increasingly using digital channels to manage all aspects of their business and this trend is here to stay.

Our focus for the last two years has been on profitable growth and today's results highlight the excellent progress we have made. I am particularly proud to announce AEBITDA of £92 million and £64 million of operating profit, exceeding our previous guidance.

We are in a strong position as a business and as we look ahead to the rest of 2022 and beyond, there is a bright future ahead of us. A decade of R&D is now coming to fruition as we begin to empower small businesses to not only borrow, but pay and spend as well."

Financial summary:

· Operating income of £165.5 million (2020: £155.7 million) up 6.3% driven by higher servicing fees.

· Investment income of £41.4 million (2020: £66.3 million) down 38% as investments were monetised in line with strategy.

· Total income of £206.9 million (2020: £222.0 million) down 7% as a result of anticipated lower investment income.

· Fair Value gain of £28.6 million (2020: losses of £118.3 million) due to positive revaluations, reflecting underlying credit performance.

· Net Income of £235.5 million (2020: 103.7 million) up 127% reflecting positive revaluations in Fair Value.

· Loans under management of £4.46 billion (2020: £4.21 billion) up 5.8% and originations of £2.30 billion (2020: £2.74 billion) down 16% year-on-year, reflecting the conclusion of CBILS and PPP.

· AEBITDA of £91.8 million (2020: negative £63.8 million), UK business AEBITDA of £61.9 million (2020: £6.5 million).

· Operating expenses reduced 12% to £167.4 million (2020: £191.3 million) following cost management initiatives.

· Operating profit of £64.2 million (2020: negative £106.3 million), UK business: £44.3 million operating profit (2020: negative £7.9 million).

· Net assets of £288.0 million (2020: £217.6 million), up 32% and comprising £224.0 million cash (2020: £103.3 million).