It just got a new global chief product officer too
Ex-CEO of Betfair, David Yu, is joining peer-to-peer lending platform Funding Circle as it secures a major round of investment to fuel growth.
The alternative lender raised $150m in equity capital following a round led by DST Global, with participation from Baillie Gifford, a fund managed by BlackRock, Sands Capital Ventures and Temasek.
CEO and co-founder of Funding Circle, Samir Desai, said: “We believe Funding Circle is the future of small business finance globally, and it’s a vision we share with some of the largest and most respected investors in the world.”
While high street banks continue to under-lend to businesses, alternative lenders like Funding Circle and crowdfunding platforms like Indiegogo are gaining market share.
Lending via Funding Circle’s platform recently passed $1bn globally – benefitting over 8,000 businesses across the UK and US.
To support its growth, the platform has appointed David Yu as global chief product officer (CPO) and Chitra Nayak – formerly COO of Salesforce.com’s Platform business – as US COO.
As Betfair’s CEO, Yu grew revenues to over $600m by emphasising the development of new products and spearheading the company’s geographic expansion.
Nayak, meanwhile, grew Salesforce’s pipeline from $350m to $2bn during her time leading the company’s global sales development.
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