Britain’s Funding Circle to cut 85 U.S. jobs

LONDON (Reuters) – Funding Circle will cut around 85 jobs in its U.S. business, the British-based peer-to-peer lending platform said on Wednesday, as it seeks to accelerate a push to make the U.S. operations profitable.

The lender will also centralize its technology development in Britain rather than having a separate U.S. team, it said.

Funding Circle, which matches borrowers with retail and institutional investors, in April said it was withdrawing its financial guidance for the rest of the year until the outlook became clearer.

(Reporting by Lawrence White; editing by Jason Neely)