Funding Circle announced on Wednesday that former executive board member of the European Central Bank (ECB), Jörg Asmussen, will join its board. This announcement reportedly marks another important step for the company as it strengthens its leadership position in marketplace lending globally Jörg Asmussen is a German economist and policymaker has held numerous high-profile positions within the public sector. From 2012 to 2013 he served as Executive Board Member of the European Central Bank (ECB), and from 2008 to 2012 he was State Secretary at the German Ministry of Finance, responsible for European Affairs and Financial Markets. During that time, he was also chairman of the financial regulator BaFin as well as G7 and G20 Deputy. He was also involved in dealing with the economic crisis across the Eurozone, working closely with the Greek, Spanish, Irish and Portuguese governments. Most recently, he was State Secretary for the German Ministry of Labour and Social Affairs (2014 to 2015). Samir Desai, CEO and co-founder of Funding Circle, stated: “Our vision at Funding Circle is to build the global exchange where small businesses access the finance they need directly from a diverse group of investors. The last 12 months have seen a number of successes for our business, including growth into continental Europe. I am delighted Jörg is joining our team to share with us his experience and expertise and join us on this exciting journey.” Asmussen commented: “I am pleased to join Funding Circle’s Board. The company operates at the frontier of innovation in financial services, providing business loans to small businesses in a transparent, simple and efficient manner, thereby helping to finance growth and create jobs – and providing a financially sound alternative for investors. I am impressed by the high professionalism of the management team of Funding Circle and the soundness of the company’s operations throughout the whole value chain.” Matthias Knecht, co-founder and Managing Director of Funding Circle Continental Europe, added: “Jörg is one of Germany’s most respected economists and has spent a lifetime shaping government and central banking. As we accelerate our growth across Europe, his experience in European regulation and unique insights into the challenges faced by small businesses will be an invaluable asset. We are excited that Jörg shares our passion to help small businesses access affordable finance and look forward to transforming the financial industry together.”
German economist and politician Jörg Asmussen has joined the board of London-based peer-to-peer lender Funding Circle as a non-executive director. The appointment is part of an effort by the bank to expand its business beyond traditional lending into other areas such as asset management and insurance.