Funding Circle appoints US managing director
Funding Circle has appointed former Lending Club president Steve Allocca as US managing director.
Allocca will help to grow Funding Circle’s business lending platform in the US, while reporting to chief executive Lisa Jacobs.
He has more than two decades of experience in fintech and financial services leadership. Before being named president of US P2P lender Lending Club, he led the credit division and credit products at online payment company PayPal.
He left Lending Club in 2020 and went on to become chief operating officer at small business banking provider BlueVine.
“I am excited to begin the new year by joining Funding Circle, which has built a reputation over the last decade as a market leader in responsible lending practices, product innovation and attractive returns for investors,” Allocca said.
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“I am looking forward to working with the team to propel the U.S. business to new heights and help expand access to capital to more small businesses.”
Jacobs welcomed Allocca to the company and said that “he brings a wealth of fintech experience and is passionate about helping small businesses get the funding they need to win.”
“There is a huge opportunity in the US market to serve more businesses than we do today,” she added.
Funding Circle is now operational in all 50 US states and the District of Columbia. In 2022, the company expanded its core loan proposition in the U.S. to serve super-prime businesses and launched two Lending-as-a-Service (LaaS) with Pitney Bowes and DreamSpring.
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