Updated: Jun 29, 2017
Funding Circle, the world’s leading lending platform focused exclusively on small business, today announced two additions to its U.S. leadership team: Joanna Karger as U.S. Head of Capital Markets, and Richard Stephenson as U.S. Chief Compliance Officer.
With 30 years of experience working in capital markets, Karger joins Funding Circle from Renew Financial, where she served as EVP of capital markets and chief financial officer. Karger started her career at the U.S. Treasury before joining Allianz (formerly DresdnerRCM) and McMorgan & Company where she specialized in structured credit and fixed income products.
Prior to Funding Circle, Stephenson served as chief compliance officer of Silicon Valley Bank. He has more than thirty years’ experience in various senior roles at U.S. financial institutions and law firms, serving as general counsel, chief compliance officer, chief risk officer, head of internal audit and interim chief executive officer at institutions such as Bank of America, Union Bank, Washington Mutual Bank and Mechanics Bank.
“Joanna and Richard have deep experience in building and scaling robust financial services businesses, and we are thrilled they will be playing integral roles in Funding Circle’s continued growth in the U.S. market,” said Sam Hodges, co-founder and U.S. managing director at Funding Circle. “With their leadership, we will continue to invest heavily in compliance and operational controls, and focus on further diversifying the capital streams flowing into our growing marketplace.”
Since launching in 2010, investors at Funding Circle – including 60,000 individuals, financial institutions, governments, and the listed Funding Circle SME Income Fund – have helped more than 30,000 businesses globally access $3.8 billion in transparent and affordable financing.
“Funding Circle provides an opportunity for individual and institutional investors to share in the success of America’s small businesses,” said Karger. “I look forward to bringing this unique asset class to an even broader range of investors as we continue to diversify our capital base and build a strong, sustainable and transparent marketplace.”
“A thoughtful approach to legal, regulatory and compliance is one of the important factors that sets Funding Circle apart in the industry,” said Stephenson. “As the world’s leading lending platform for business financing, I’m thrilled to join Funding Circle to help drive the company’s responsible growth in the U.S. market and further its mission to build a better financial world.”
The appointments come as Funding Circle recently launched a new 6-month term loan product in the United States, with rates starting from 4.99%. The new term extends the options for small business owners looking for a fast and transparent way to secure safe and affordable capital to grow their business, and was designed for investors who seek the flexibility and liquidity of a shorter-term product and stronger diversification in their portfolios.