Funding Circle, one of the leading online lending platforms for small business borrowers, announced 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 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,” said Steve Allocca, Funding Circle’s U.S. Managing Director. “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 several 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.