Funding Circle

Funding Circle hires ex-Revolut director for Flexipay launch

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Funding Circle has hired Jerome Fernandez, a former director at Remitly and Revolut, to head up FlexiPay, its first short-term finance product for SMEs in the UK.

The new product enables businesses to spread any UK invoice or supplier payment over three months, with the initial payment made upfront on their behalf.

The business lender, which exited the peer-to-peer lending space earlier this year, said this would provide SMEs with greater flexibility to negotiate with suppliers, deal with unexpected payments and to cover ad-hoc business costs. It has so far been rolled out to existing customers.

Read more: Funding Circle reveals new business lending terms

Jerome brings more than 20 years’ experience in both the fintech and banking sectors. Most recently, he led the product teams at Remitly and Revolut.

Fernandez commented: “It’s a really exciting time to join Funding Circle as we set about becoming the small business lending platform, where our customers can not only borrow but pay and spend as well.”

Lisa Jacobs, chief executive at Funding Circle, added: “I’m looking forward to seeing Jerome build FlexiPay into a game-changing product that helps small businesses get the funding and flexibility they need to thrive.”
The announcement coincides with news that the founder of Funding Circle’s capital markets team in Europe, Sachin Patel, has stepped down. Latterly, he held the position of chief capital officer and had been at the firm since 2014.

Read more: Funding Circle names new head of comms

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