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Funding Circle appoints Steve Allocca as new US managing director

The ex-LendingClub president boasts a wealth of small business lending experience.

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Steve Allocca/Funding Circle.

Funding Circle has appointed a new US managing director who will report directly to CEO Lisa Jacobs on the firm’s operations in America.

Steve Allocca was previously chief operating officer at US SME banking provider BlueVine, and before that served as president of early US peer-to-peer lender LendingClub.

Prior to LendingClub, Allocca also 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 takes over from Vipul Chhabra who stepped down as Funding Circle’s US MD in October to move back to London and become chief data and underwriting officer at insurer Domestic & General.

Jacobs said Allocca arrives as Funding Circle faces “a huge opportunity in the U.S. market to serve more businesses than we do today.”

“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 in 2022 expanded its US lending to include super-prime businesses.

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