Former CEO of Nomura International and EMEA, and CEO of UK Asset Protection Agency joins leading direct lending platform for business loans
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Funding Circle, the world’s leading direct lending platform for small business loans, today announced that Jeremy Bennett will join the company as its new Global Chief Financial Officer. Bennett has more than three decades of experience within financial services, working for Credit Suisse, before becoming CEO of Nomura in Europe, Middle East and Africa and CEO of Nomura International.
During the financial crisis, Bennett acted as a senior adviser to the Financial Services Authority and HM Treasury. He was responsible for designing the £800 billion Asset Protection Scheme that provided insurance to all UK banks in 2008 and became the first CEO of the Asset Protection Agency, created by HM Treasury to oversee the scheme. Bennett has also acted as a senior adviser to HMT on the Vickers Commission recommendations, advising on the adoption, modification and implementation of new banking structures for the UK government, and was a board member at the British Bankers Association.
Speaking about his appointment, Jeremy Bennett said: “The financial services industry is undergoing a profound change with technology-led companies like Funding Circle revolutionizing the customer experience for small businesses and investors. It’s a great time to be joining such a forward-thinking organization. The Funding Circle team are all about innovation underlined by a commitment to help small businesses around the world. That drives growth and creates jobs and that is why this is very exciting for me.”
Outside of financial services Bennett is heavily involved in the charity and social sector. He is Vice Chairman of the Disasters Emergency Committee and board member overseeing investments at the University of Oxford.
Samir Desai, CEO and co-founder of Funding Circle said: “Jeremy has significant experience in building large scale financial services businesses and will play an integral role as we continue our evolution. He brings years of credibility and importantly, shares our values and our ambition to continue to build a better financial world by revolutionizing the financial system and securing a better deal for everyone.”
Launched in 2010, Funding Circle is helping to spark a global revolution in the way small businesses access finance, disrupting the traditional model of banking. Operating across the UK, USA, Germany, Spain and the Netherlands, Funding Circle’s proven model enables businesses to access finance in a matter of days, directly from investors who can earn attractive, stable returns. Globally, more than 19,000 businesses have accessed the finance through Funding Circle, creating an estimated 70,000 jobs.
Through Funding Circle, businesses typically access the capital they need in less than a week compared to 15-20 weeks with a bank. Independent research* has found that three in four businesses would come to Funding Circle first in the future, ahead of a bank.
Funding Circle (www.fundingcircle.com) is the world’s leading direct lending platform for business loans, matching small businesses who want to borrow with investors who want to lend in the UK, US and Europe.
Since launching in 2010, investors at Funding Circle – including 50,000 individuals, financial institutions, the listed Funding Circle SME Income Fund and Government – have invested more than $2.5 billion to 19,000 businesses. Approximately 10% of investor money now comes from Government sources, including the British Business Bank, European Investment Bank, KfW, the German government-owned development bank, and local councils across the UK.
Funding Circle was the first direct lending platform to announce a formal referral partnership with Santander, one of the UK’s leading high street banks, and has since announced a similar partnership with RBS. It has raised $273m in equity capital from the same investors that backed Facebook, Twitter and Airbnb.
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