The UK’s largest peer-to-peer lending business suffered mounting losses in 2019 and has announced it will lay off more than a hundred staff in Europe.

Funding Circle’s full-year financial results revealed losses of £84.2m, up 65% on the previous year. A significant factor was a £34.3m “non-cash exceptional write-down” of goodwill and intangible assets in Germany and the Netherlands, where the company has been operating since acquiring another lender called Zencap in October 2015.