Allocca, who will report to CEO Lisa Jacobs, will spearhead Funding Circle’s next growth phase and US expansion as it looks to support small businesses in the US.
CEO Jacobs says Allocca “brings a wealth of fintech experience” to the role and that there is “a huge opportunity in the US market to serve more businesses than we do today”.
The firm now has a presence across the entire US and in 2022, Funding Circle expanded its core loan proposition in the country to serve super-prime businesses and launched two Lending-as-a-Service (LaaS) partnerships with Pitney Bowes and DreamSpring.
Prior to joining Funding Circle, Allocca was a chief operating officer (COO) at small business banking provider BlueVine.
He has also served as president of LendingClub, where he grew the firm’s revenues and expanded its product set. Before that, Allocca led PayPal Credit, where he launched and scaled small business lending. Allocca has also held a number of senior leadership roles at Wells Fargo.
In October, Funding Circle appointed Greig McEwan as its new chief technology officer (CTO), who most recently served as CTO at European freight-forwarding firm Sender.