Funding Circle has hired a new US managing director who will report directly to CEO Lisa Jacobs on the company’s operations in the United States.
Steve Allocca was previously the chief operating officer of BlueVine, a US SME banking provider, and the president of LendingClub, an early US peer-to-peer lender.
Allocca previously led PayPal Credit, where he launched the payment giant’s small business lending offering.
“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,” said Allocca, adding that he planned to “propel the US business to new heights”.
Allocca succeeds Vipul Chhabra, who stepped down as Funding Circle’s US MD in October to return to London and become the insurer Domestic & General’s chief data and underwriting officer.
Allocca joins Funding Circle at a time when the company sees “a huge opportunity in the US market to serve more businesses than we do today,” according to Jacobs.
“I’m pleased to kick start 2023 by welcoming Steve Allocca as our new US Managing Director. He brings a wealth of fintech experience and is passionate about helping small businesses get the funding they need to win,” she added.
Funding Circle now operates in all 50 US states and the District of Columbia, and it plans to expand its US lending to include super-prime companies in 2022.