The announcement follows a record-breaking start to 2017 for Funding Circle with millions being lent by the company to 8,000 businesses across the U.K., U.S., Germany, and the Netherlands.
Prior to joining Funding Circle, Glithero was CFO at Auto Trader, the U.K. and Ireland’s largest digital automotive marketplace. He first joined Auto Trader in 2006, holding various group and divisional roles within the business. In September of 2012, he was appointed Chief Financial Officer.
About his new appointment, Glithero said, “Over the last seven years, Funding Circle has cemented its place as the leading platform for small business loans globally. Similar to Auto Trader, their business model is digital and data-led and they have a collaborative culture for delivering the best results for their employees, customers and investors. I am looking forward to joining the team and supporting the business as it continues to build on its market-leading position.”
Samir Desai, CEO and co-founder of Funding Circle, praised Glithero’s addition to the company. “Our ambition is to build a better financial world by revolutionizing the financial system and securing a better deal for everyone,” Desai stated. “Sean’s experience will be invaluable as we continue on the journey to creating a category-defining global company, helping thousands of small businesses access finance and create jobs, while providing investors with attractive stable returns on their investments.”
Highlights for Funding Circle’s record-breaking first half of 2017 included a $106.13 million equity capital raise, led by Accel, a $51.77 million lending commitment from the British Business Bank, a $183.79 million C Share placement by the Funding Circle SME Income Fund, and FCA authorization in the UK.
With more than $3 billion lent to businesses globally, over 32,000 small business owners have benefitted and over 80,000 new jobs have been created. With such success, the Centre for Economics and Business Research found that 94% of borrowers would return to Funding Circle first, ahead of a bank, for future lending needs.
A date has not yet been determined for when Glithero will officially leave Auto Trader, but he will remain in his role long enough to ensure that a smooth transition of his responsibilities to his successor will take place. Nathan Coe, who joined Auto Trader in 2007, will replace Glithero. Prior to joining Auto Trader, Coe was a corporate finance professional at both PwC and Telstra, Australia’s largest telecommunications company. He will combine his new role as CFO with his existing role as COO.
Auto Trader chairman Ed Williams expressed the board’s congratulations and thanks to Glithero and Coe, respectively. “In Nathan we have the depth of knowledge and experience that comes from a decade in the business, in addition to substantial corporate financial experience,” Williams said. “The board congratulates Nathan on his appointment and thanks Sean for his contribution over the last eleven years, wishing him well as he embarks on his new role.”
Danita White for TechFunnel.com