Funding Circle appoints former Revolut director as MD for FlexiPay

Jerome Fernandez will head up the company’s first short-term finance offering.

Image source: Funding Circle.

Funding Circle has hired former Remitly and Revolut exec Jerome Fernandez to lead its first short-term finance product FlexiPay.

Fernandez joins as managing director to help expand the product, which will enable businesses to spread UK invoices and supplier payments over three months, with the initial payment made upfront on their behalf.

He brings more than 20 years of experience in both fintech and banking to the role, most recently building and leading product teams at Remitly and Revolut.

Prior to that, he held several commercial leadership roles at Sainsbury’s Bank and Citi.

The product will allow SMEs greater flexibility to negotiate with suppliers, handle unexpected payments and cover ad-hoc business costs, the company says.

“It’s a really exciting time to join Funding Circle as we set about becoming the small business lending platform where our customers can not only borrow, but pay and spend as well,” Fernandez said.

“Initial customer feedback about FlexiPay has been really positive so it’s great to be able to build on this and bring the product to more businesses.”

The UK’s largest loan platform for SMEs, Funding Circle permanently closed its retail platform earlier this year.

Since then, the company has struck deals with Pitney Bowes, embracing the embedded finance trend, and a £1bn lending deal with Waterfall. 

“I’m looking forward to seeing [Fernandez] build FlexiPay into a game-changing product that helps small businesses get the funding and flexibility they need to thrive,” Funding Circle CEO Lisa Jacobs said.

“We have seen great take up and feedback from existing customers using FlexiPay, and I’m expecting lots more to come.”