Small business lender Funding Circle plans to cut around 120 jobs as part of its cost-cutting measures and to boost its flagging share price. It also announced the resignation of its chief financial officer.

The London-listed fintech company said in a stock market update that it had initiated cost efficiency measures to create “a simpler, leaner and better positioned UK-focused business”.

Headcount is expected to be cut by about 14 percent compared to the end of last year, excluding jobs in the U.S. Funding Circle employed 1,101 people, including contract workers, as of December 31, 2023.

Funding Circle is targeting annual cost savings of around £15 million by 2025 and said it will incur costs of around £5 million this year to achieve these savings.

“We are pleased to report continued momentum on the path to a simpler, more profitable company we began in March,” said CEO Lisa Jacobs.

“Reducing the number of positions has not been an easy decision for us and I would like to thank the entire outgoing team for their hard work and dedication.”

The news comes as Funding Circle looks to narrow its focus on its UK business. In March, the group said it was considering selling its loss-making US division, for which it had received bidder interest.

Funding Circle’s shares have fallen 80 percent since listing in London in September 2018. The group’s losses widened to £33.2 million in 2023, compared with a pre-tax loss of £12.9 million a year earlier, following an expansion into the US and investments in its borrow now, pay later offering Flexipay.

The company also announced on Wednesday that Chief Financial Officer Oliver White, who joined Funding Circle in June 2020, will leave the board at the end of the year.

White, the former CFO of Vanquis Bank, will be succeeded by Finance and Investor Relations Director Tony Nicol, who joined Funding Circle from IG Group in 2018.

Funding Circle added that the company’s performance so far this year has been in line with expectations and the company remains on track to meet its full-year guidance, which includes a pre-tax profit margin of eight to 12 percent and revenue growth of 10 percent year-on-year in UK loans.