Funding Circle US, a subsidiary of the UK firm Funding Circle (LSE:FCH) has selected a new Managing Director to lead operations.
According to a release, Steve Allocca will take over the US operations of the SME online lending platform, reporting directly to Funding Circle CEO Lisa Jacobs.
Jacobs commented on the new appointment:
“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.”
Alloca has been around the Fintech block, having most recently been Chief Operating Officer at BlueVine. He previously served as President of LendingClub, and prior to that, he led PayPal’s multi-billion-dollar credit business, PayPal Credit.
Alloca said he is excited to begin the new year by joining Funding Circle where he will work with the team to “propel the US business to new heights and help expand access to capital to more small businesses.”
Funding Circle started its existence as a peer-to-peer lender, eventually moving away from individual investors. Funding Circle has originated £14.5 billion in lending globally, and reports £4.1 billion in loans under management. At the same time it claims to have created and sustained 100,000 jobs – since 2018. Funding Circle also sells a Lending as a Service product.