Andrew Mullinger has taken a step back from Funding Circle.
Mullinger is one of the three original co-founders of Funding Circle, alongside James Meekings and CEO Samir Desai. Mullinger has headed up the Risk department at Funding Cirlce since the platform's inception, but is now passing the baton over to the recently hired Jerome Le Luel. Le Luel was hired from Barclays Group, where he served as Head of Risk Analytics. He had also held the role of CRO for Barclaycard, which involved managing a £40bn lending portfolio across the US, Europe and Asia. Le Luel arrived at Funding Circle in July 2015 as Global Chief Risk Officer.
Mullinger is stepping back from his day-to-day role at the company, but will continue to sit on a number of boards. His LinkedIn profile reads: “Currently semi retired until I get bored”. Mullinger tweeted the following farewell a few weeks ago:
Samir Desai said in his keynote speech at the AltFi Europe Summit 2016 that Funding Circle’s aim is to hit an annual run rate of $100 billion by 2025 – an ambitious target for a company that has a cumulative lending volume of just under £1.3bn in the UK, according to the Liberum AltFi Volume Index UK. That run rate will entail the running of a far larger loan book – perhaps requiring of a different approach to credit. The situation is somewhat reminiscent of when Jaidev Janardana – formerly of Capital One – took over as CEO at Zopa, replacing co-founder and long-time boss Giles Andrews.
Mullinger’s Funding Circle bio states the following:
“He was responsible for ensuring that the first $1.5bn of loans originated globally had great risk adjusted returns for investors before handing over the reins to Jerome, our Global CRO.”
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.