Funding Circle

Funding Circle, a UK-based online lending platform, has laid off approximately 120 employees, representing about 17% of its global workforce. This restructuring, announced in early 2023, is part of a strategic shift to streamline operations and reduce costs amid challenging economic conditions in the fintech sector. The company, which connects small businesses with investors, is refocusing on its core markets to improve profitability.

Funding Circle's media division AltFi is shutting down after a decade, resulting in layoffs for its entire staff. The closure comes after 18 months of severe headwinds, despite strong journalism and a loyal following in the fintech news sector. The company expressed gratitude to its employees and community for their support over the years, marking the end of its role in covering the UK fintech industry's growth.