Samir Desai, co-founder and former CEO of Funding Circle, is stepping down from the board of the small business lender, distancing himself further from the company he helped build.
Desai, 41, was instrumental in founding the peer-to-peer lending platform in 2010 alongside Andrew Mullinger and James Meekings. After serving as CEO for 12 years, he transitioned to a non-executive director role in 2022 but will now leave the board entirely in a month’s time.
Desai’s departure signals the end of the involvement of all three original co-founders, marking a significant shift for Funding Circle. The company, once a star in Britain’s financial technology sector, has faced challenges since its 2018 flotation, where its shares dropped significantly from their 440p listing price. The business has struggled with profitability, making a profit in only one year since its IPO, and was further hit by the pandemic and regulatory pressures, leading it to close its peer-to-peer retail operations in 2022.
Desai’s exit follows the departure of Meekings, who left in 2019, and Mullinger, who stepped away in 2016. Desai now focuses on his new venture, Super Payments, but retains a 4.9% stake in Funding Circle. Meanwhile, current CEO Lisa Jacobs is leading efforts to turn the business around, 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 searching for a successor to its long-standing chairman, Andrew Learoyd, who will step down by March 2024.