Samir Desai, co-founder and former CEO of Funding Circle, is stepping down from the small business lender’s board and further distancing himself from the company he helped build.
Desai, 41, was instrumental in founding the peer-to-peer lending platform in 2010, along with Andrew Mullinger and James Meekings. After serving as CEO for 12 years, he moved to a non-executive director role in 2022, but will now leave the board entirely in a month’s time.
Desai’s departure marks the end of the involvement of all three original co-founders, marking a significant shift for Funding Circle. The company, once a star in the UK financial technology sector, has faced challenges since its initial public offering in 2018, when its shares fell significantly from their listing price of 440p. The company has struggled with profitability, turning a profit for just one year since its IPO, and was further hit by the pandemic and regulatory pressures, forcing it to close its peer-to-peer retail business in 2022.
Desai’s departure follows the departures of Meekings, who left in 2019, and Mullinger, who resigned in 2016. Desai is now focusing on his new venture, Super Payments, but will retain a 4.9% stake in Funding Circle. Meanwhile, current CEO Lisa Jacobs is leading efforts to turn around the company, with plans for profitability in sight after a period of job cuts and the sale of the company’s US division.
Funding Circle is also looking for a successor to its long-standing chairman, Andrew Learoyd, who will step down in March 2024.