Funding Circle (LON:FCH) updated the market on its first quarter on Thursday, sending shares upwards.

The peer-to-peer lending platform said that growth was driven by a 44% increase in loans under management, totalling £3.4 billion.

Revenues were also boosted by higher transaction yield, largely as a result of new policies in the US, alongside growth in other revenue streams.

As a result, the company reported year-on-year growth of 40%.

Samir Desai CBE, CEO and co-founder, said: “Q1 was a period where Funding Circle reinforced its leadership position across each of its markets, reaching a new high of loans under management of GBP3.4 billion. We continue to implement our strategy of diversifying funding sources with a new commitment from the European Investment Bank, as well as launching two new institutional investor products.”

The company which was launched in the UK in 2010, floated on the London Stock Exchange in September 2018.

It was initially valued at £1.5 billion at 440p, however, it has since traded below this level.

Thursday’s company update sent Funding Circle shares up during trading, as investors took stock of the details.

Shares are currently trading +3.54% as of 13:29PM (GMT).