ILPA Adds FinTech Leader Funding Circle to Membership
Elects BlueVine General Counsel Sharon Carmeli Board President
WASHINGTON – October 14, 2020 – The Innovative Lending Platform Association (ILPA) today announced the addition of Funding Circle to its membership and BlueVine General Counsel, Sharon Carmeli’s election as President of the Board of Directors. Bill Phelan, with PayNet, was also elected to a second term as Treasurer, and Todd Hamblet of Fundbox was elected Secretary. After monumental participation from many of its members in the Paycheck Protection Program (PPP), ILPA will continue to advocate for small businesses under new additions and board leadership.
“ILPA is honored to add Funding Circle, the leading online marketplace for SME financing, to its diverse membership,” said ILPA CEO Scott Stewart. “ILPA now represents the majority of the largest and most recognizable brands in the online small business lending industry, and we are proud of the difference our members make for small business borrowers every day. As always, all of our members are committed to disclosing key financing metrics to their customers, including APR and Total Cost of Capital.”
Funding Circle was founded in 2010 to help SMEs access financing directly from investors. Since then, Funding Circle has attracted more than 100,000 investors to its platform and made $13.1 Billion in loans to 90,000 small and medium-sized businesses in the UK, US, Netherlands and Germany.
“After working closely with ILPA and its member companies to bring new disclosure requirements for small business financing providers in California and New York, we knew joining ILPA was the right move for Funding Circle and our small business customers,” said Ryan Metcalf, Head of Public Policy, Regulatory Affairs & Social Impact at Funding Circle US.
ILPA also announced new officers for its Board of Directors with BlueVine general Counsel Sharon Carmeli becoming President.
“It is an honor to take this leadership role at this challenging time for America’s small businesses and our industry. Since ILPA was founded in 2016, the organization successfully expanded adoption of the SMART Box® disclosure and more than doubled in size,” said Sharon Carmeli. “This is a critical time to provide financing to small businesses in need, and my deep experience in navigating challenging regulatory obstacles allows me to effectively support and drive ILPA’s strategic direction. I look forward to continuing our work and building on our critical successes in the years ahead.”
With Carmeli’s leadership and with many members, including BlueVine expanding into small business innovative banking and other financial services, ILPA is considering expanding its influence beyond lending. Access to capital is still a critical concern for small businesses but, as demonstrated by the Paycheck Protection Program, the entire financial ecosystem for small businesses needs improvement and innovation.