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Funding Circle Plans IPO With Danish Billionaire's Backing

Biggest U.K. online lender targets 2-billion-pound valuation
Holch Povlsen’s Heartland potentially takes 10% stake in firm

Funding Circle CEO Samir Desai discusses the impact of Brexit on the U.K. lending environment.Source: Bloomberg

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By Edward Robinson and Andrew Blackman

September 3, 2018 at 6:20 AM UTC

Updated on

September 3, 2018 at 8:06 AM UTC

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Funding Circle Ltd., Britain’s biggest online loan provider, plans to proceed with an initial public offering, the latest test for Europe’s maturing fintech sector.

The eight-year-old company plans to raise about 300 million pounds ($388 million) selling new shares on the London Stock Exchange, while existing shareholders will also sell stock in the IPO, according to a statement Monday. Anders Holch Povlsen, a Danish retail billionaire, agreed to buy 10 percent of the equity under certain conditions.