Marketplace lender Funding Circle has added a couple of banking industry veterans to its executive team.
Jerome Le Luel becomes Global Chief Risk Officer. He joins Funding Circle from Barclays where he served as Head of Group Risk Analytics for the past 16 months. His first six years were spent in risk and credit positions within the Barclaycard division.
Mr. Le Luel also spent 12 years at Capital One, with the last three in a pair of Vice Presidencies.
“Funding Circle is disrupting the traditional banking sector and changing the way small businesses access finance,” Mr. Le Luel said. “Having seen first-hand the challenges facing small businesses, I’m excited to join an innovative company like Funding Circle to help continue to grow its world-class risk and analytics infrastructure and support businesses access to the financing they need.”
Manpreet Dhot is Funding Circle’s new USA Chief Risk Officer and joins them after 13 years at American Express. Mr. Dhot has more than 15 years experience assessing consumer and commercial risk in both domestic and international markets, including with the American Express small business portfolio.
“Infusing technology with industry leading risk management, Funding Circle has created a truly transparent marketplace that provides businesses access to affordable and appropriate credit products and investors the ability to build a diversified portfolio,” said Dhot. “This is a winning combination, and I’m excited to join a company focused on serving the small businesses many banks have left behind.”
Funding Circle CEO and Co-Founder Samir Desai explains the reason for the hires.
“Marketplaces like Funding Circle are at the forefront of this revolution and we’re investing heavily in scaling the team to address the unprecedented demand we’re seeing in the market. Jerome and Manpreet are strong leaders with proven track records in building best-in-class risk management systems that enable rapid and resilient business growth.”
Funding Circle also announced a record second quarter for global lending which saw $235 million lent to small business. The United States saw a more than 250% increase. According to a release they are on track for their first billion dollar lending year in 2015.