Funding Circle today announced that it will close the offices in Amsterdam and Berlin laying off 125 employees. The German operations in future will focus purely on brokering loan request leads and will be managed from employees in London.

The announcement is not surprising as Funding Circle Germany failed to gain traction over the past years and struggled with default rates that exceeded expectations.

Funding Circle stock has gone down from over 440 pence at IPO to about 57 pence currently.