Lending Club announced Wednesday they have hired Sid Jajodia as their new Vice President for Small Business.
Jajodia comes to Lending Club from Capital One Bank where he served in several capacities since 2001, most recently as Senior Vice President with responsibilities including small business and business banking lending.
Jajodia received his Bachelor of Architecture from New Delhi’s School of Planning and Architecture in 1998 and went on to earn an M.B.A. from Penn State’s Smeal College of Business in 2001.
The announcement comes in advance of the unveiling of a new small business lending platform which is expected to be running some time in 2014. Jajodia will play a key role in its development.
The new platform will seek to capitalize on the increasing difficulty small business has in securing credit needed to allow it to expand post-recession, economic activity that is sorely needed right now.
This announcement comes shortly after competitor Prosper Marketplace announced an infusion of $25 million in additional funding from several investors, including BlackRock. In a new environment post-JOBS act, it will be interesting to watch the development of both companies and the industry as a whole in 2014.
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