Funding Circle Holdings PLC Appointment of US Managing Director
January 05 2023 - 7:13AM
RNS Non-Regulatory
TIDMFCH
Funding Circle Holdings PLC
05 January 2023
Funding Circle Appoints Steve Allocca U.S. Managing Director
Funding Circle, the leading online lending platform for small
business borrowers today announces Steve Allocca has joined the
company as U.S. Managing Director.
Steve, a former BlueVine, Lending Club, and PayPal executive,
will lead Funding Circle U.S. through its next exciting and
ambitious phase of growth and expansion. Reporting to Chief
Executive Officer Lisa Jacobs, Steve will play a crucial role in
honing in on the meaningful opportunity that exists to serve more
small business borrowers in the U.S.
"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. "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."
Most recently, Steve was Chief Operating Officer at BlueVine, a
small business banking provider in the U.S. He previously served as
President of LendingClub, where he grew revenue, transformed the
organisation, and expanded its product set. Before that, Steve led
PayPal's multi-billion-dollar credit business, PayPal Credit, where
he launched and scaled small business lending, which soon became
one of PayPal's fastest-growing and most valuable businesses. Steve
also held a number of senior leadership positions at Wells
Fargo.
Lisa Jacobs, CEO at Funding Circle said: "I'm pleased to kick
start 2023 by welcoming Steve Allocca as our new U.S. Managing
Director. 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 U.S. market to serve
more businesses than we do today."
Funding Circle is now operational in all 50 U.S. 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) partnerships with Pitney
Bowes and DreamSpring. The Philadelphia Federal Reserve and Bank
for International Settlements also released a study concluding
Funding Circle is "increasing access to capital at a lower cost for
borrowers who are less likely to receive credit from traditional
banks"... and "predicting future loan performance more accurately
than the conventional method to credit scoring, leading to better
loan performance."
- ENDS -
For more information and enquiries
Funding Circle Investor Relations:
Morten Singleton at ir@fundingcircle.com (tel:+44 7736 297
929)
Funding Circle Media Relations:
Abigail Whittaker at press@fundingcircle.com (tel:+44 7989 876
136)
About Funding Circle
Funding Circle (LSE: FCH) is a lending platform for small
business borrowers. Established in the UK in 2010, and now the
leading lending platform to SMEs, the Group also has a material and
growing presence in the U.S. Globally, Funding Circle has provided
GBP14.5bn in loans to c.130,000 businesses.
For small business borrowers, Funding Circle provides a
leading-edge customer experience, delivered through its technology,
machine learning, and data science, coupled with a human touch. Its
solutions continue to help customers access the funding they need
to succeed. For lending investors, Funding Circle provides access
to an alternative asset class in an underserved market, and
delivers robust and attractive returns.
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