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| Market newcomer Funding Circle see shares flop | |
| (35 minutes later) | |
| Shares in Funding Circle, the financial technology firm, have tumbled in the first day of full trading on the London Stock Exchange. | Shares in Funding Circle, the financial technology firm, have tumbled in the first day of full trading on the London Stock Exchange. |
| At one point shares were down 24% from Wednesday's flotation price of 440p. | At one point shares were down 24% from Wednesday's flotation price of 440p. |
| Because it cuts out banks, Funding Circle was billed as a disruptive force in lending. | Because it cuts out banks, Funding Circle was billed as a disruptive force in lending. |
| It draws on a pool of funds collected from individuals and firms. That money is then lent to small businesses which have been vetted by Funding Circle. | It draws on a pool of funds collected from individuals and firms. That money is then lent to small businesses which have been vetted by Funding Circle. |
| The firm offers loans to small businesses in the UK, the US, Germany and the Netherlands. | The firm offers loans to small businesses in the UK, the US, Germany and the Netherlands. |
| It is the first such lender to float on the London stock market. | It is the first such lender to float on the London stock market. |
| Funding Circle had said the stock market listing would help "engender trust" with investors, borrowers and regulators. | Funding Circle had said the stock market listing would help "engender trust" with investors, borrowers and regulators. |
| The venture, which was founded in London in August 2010, plans to use the money raised on the stock market to expand into new markets. | The venture, which was founded in London in August 2010, plans to use the money raised on the stock market to expand into new markets. |