Funding Circle, a marketplace for small business loans, has fortified its global risk and analytics team with the appointment of Jerome Le Luel as its Global Chief Risk Officer, according to a Funding Circle report.
Mr. Le Luel joins Funding Circle from Barclays Group, having served as its Head of Risk Analytics. He boasts nearly two decades of risk and analytics experience, whilst serving as Credit Risk Officer for Barclaycard across the US, Europe and Africa. Prior to Barclays, he was also tasked with the oversight of all marketing and analytics at Capital One.
In addition to Mr. Le Luel’s appointment, Manpreet Dhot, the former Chief Credit Officer at American Express, has also joined Funding Circle as its Chief Risk Officer – US. In his new role as the Chief Credit Officer at Funding Circle, Mr. Dhot will be based out of the group’s San Francisco office. He has garnered more than 15 years of experience in both commercial and consumer credit risk management in both the United States and abroad.
According to Funding Circle CEO and co-Founder Samir Desai in a recent statement on the appointments, “Financial services are undergoing the largest revolution anyone has ever seen. 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.”
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“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, and we are thrilled to welcome them to the team,” he noted.
“Funding Circle is disrupting the traditional banking sector and changing the way small businesses access finance. 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,” added Mr. Le Luel in an accompanying statement.
The duality of appointments follow on the heels of Funding Circle’s recent $150 million funding round and other string of hires, which include David Yu as its Global Head of Product and Chitra Nayak as its US COO.
Earlier this year, the Peer-to-Peer Finance Association (P2PFA) released data for the UK’s P2P lending market for Q1 2015. According to the report, P2P lenders lent more than £459 million in the Q1 2015, – lending in the UK sector was led by RateSetter with £120.9 million in new loans, followed by Funding Circle and Zopa with £109.8 and £84.8 respectively.