Funding Circle’s chief capital officer departs

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The founder of Funding Circle’s capital markets team in Europe has stepped down.

The former peer-to-peer lending giant has announced that Sachin Patel has left his role as chief capital officer and it has promoted Dipesh Mehta and Sam Granger internally. The pair will become co-heads of global capital markets.

Patel has been with Funding Circle since 2014 and is credited with designing its initial public offering of the Funding Circle SME Income Fund, its financing facility with the European Investment Bank and the inaugural securitisation of Funding Circle loans.

Funding Circle told Peer2Peer Finance News that Patel is pursuing a new opportunity elsewhere.

Read more: Funding Circle reveals new business lending terms

“I’d like to thank Sachin for all his hard work in building Funding Circle’s capital markets business over the last eight years,” Lisa Jacobs, chief executive of Funding Circle, said.

“Looking ahead, I’m excited to promote Dipesh and Sam who become co-heads of Global Capital Markets.

“They have a wealth of experience between them – and, at Funding Circle, over the past six years, have been instrumental in building a diverse set of institutional investors who leverage our machine learning and technology capabilities to lend to small – and medium-sized enterprises at speed and scale. I look forward to seeing them lead the team for our next phase of growth.”

Mehta joined Funding Circle in 2015 from Barclays Investment Bank, where he was a director in the securitisation strategy and research team.

He was previously a ratings analyst at Moody’s Investor Services, and has held roles at Genworth Financial and PwC.

Granger also joined the Company in 2015, having previously been a vice president at Tungsten, a London-based invoice financing fintech. He has more than 12 years’ experience in financial services, having started his career in portfolio management at Barclays.

Read more: Funding Circle names new head of comms

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