Boss of Funding Circle stepping back after making £26m over last six years

The boss of Funding Circle is stepping back after making £26m over the last six years. 

Samir Desai, who co-founded the online lender, will hand over the role of chief executive to Funding Circle’s UK managing director Lisa Jacobs at the start of 2022. 

Desai has run the lender since its launch 12 years ago, but will become a non-executive director from next year. 

He was one of three friends who met at Oxford University and founded Funding Circle after first discussing their idea in a pub in 2008. 

The business matches investors who want to lend with businesses which need the money. 

Since 2016, Desai has been paid £4.9m in salaries, bonuses and share awards. He holds 15.4m shares in Funding Circle, worth £22.6m. 

On top of that, he cashed in £21m worth of shares when he sold down his stake in Funding Circle during its float in 2018. 

In its half-year results yesterday, it said profits swung to £35.4m from a £115.1m loss the same time last year.