At the close of play Wednesday the share price implied a market capitalisation of £1.2bn, or a valuation several times the revenues the group is on track to take in this year. Is that the right price? Kadhim took a look at the business model in January, considering the difference in valuation depending on whether peer-to-peer lenders valued like software companies, or as humdrum fintech aspirants. He suggested if the latter, Funding Circle would need to be heading for £400m of sales in 2019, to be worth £1.2bn.

https://ftalphaville.ft.com/2018/10/04/1538627401000/What-a---checks-notes----1-2bn-company-looks-like/