An overview of our Full Year Results 2022

Our Full Year Results were published this month, and showed how we continued to support SMEs all over the UK. Here we take a closer look at the results, and how we delivered a solid financial performance as Government loan schemes were phased out.

What were the results? 

Over the course of 2022 we provided approximately £1.1bn of UK lending – meaning we have now helped 84,000 UK SMEs since 2010, and extended £11.4bn of credit in total through our platform.

Our lending this year contributed £6.9bn to UK GDP, supported 106,000 jobs and contributed tax revenues of £1.4bn to the UK economy, showing that we continue to play a key role in supporting the real economy. 

Loan performance remained strong, and we’ve continued to see institutional investor demand to fund loans with new forward flow agreements in the UK and US. Plus, in the later half of the year we moved away from Government-backed lending – instead supporting SMEs through our commercial offerings and with FlexiPay, our new line of credit. 

How did Introducers contribute to this? 

Our Introducer community helped us say yes to even more businesses during 2022. Working with over 800 active Introducers for the third consecutive year, we extended over £400m in lending through our community, which helped to support around 4,000 UK SMEs. 

That now means that since 2010 our Introducer community, which includes finance brokers, accountants, business advisors, banks and enterprise partners, has collectively lent over £4.8bn to SMEs through the Funding Circle platform.

Brokers who completed at least one loan with us originated over £1 million in the year on average, while our top 10 brokers originated over £150 million in lending.

How do these results deliver against our goals? 

Last year we set out our medium-term plan to transform into a multi-product platform, serving a direct and embedded audience. A year into this plan, we are making good progress against our three strategic pillars:

• Attract more businesses: we developed our UK distribution partnerships and launched our first sports sponsorship with Premiership Rugby
• Say yes to more businesses: we expanded into new customer segments, including near-prime in the UK
• #1 in new products: we tripled FlexiPay transactions and we continue to ramp up delivery of this exciting product ahead of its launch to brokers. 

How was our financial performance? 

In 2022 the business earned £148.7m of income, with £6.8m AEBITDA profit. These results reflect the transition away from Government lending schemes and our prudent approach to lending in light of the economic environment.

What do these results mean for us and SMEs? 

These results show how our business has reacted to significant economic uncertainty. Despite the challenging environment, we were still able to support SMEs with over £1bn of funding. 

Our solid financial performance reflects the progress we continue to make against our medium-term strategy, including expanding our products to reach new groups of SMEs. We’re also continuing to see strong engagement with FlexiPay, allowing SMEs to not only borrow, but pay and spend too, and we’re excited to launch this product to Introducers soon. 

SMEs all over the UK are resilient, finding opportunities to grow and adapting to their environment. We will continue to build on our platform to provide them with different ways to access the finance they need to power the UK economy.

If you have any more questions about our results and what it means for you as a broker, please feel free to get in touch at broker@fundingcircle.com.