Former Lloyds chief joins Funding Circle

Former Lloyds Banking Group CEO Eric Daniels has joined the board of peer-to-peer lender Funding Circle as a non-executive director.

Daniels joins Funding Circle with immediate effect and brings with him more than 40 years’ experience in global banking and financial services.

He began his career with Citibank where he spent 25 years and held a number of key managerial positions across a range of businesses and countries.

In 2001, he joined Lloyds and was appointed to the board as group executive director with responsibility for the retail banking division.

He became chief executive of Lloyds TSB in 2003 before retiring as chief executive of Lloyds Banking Group in 2011.

Daniels said: “I’ve been hugely impressed by what the team at Funding Circle has achieved over the last six years.

“Their commitment to helping small businesses across the world to access the finance they need to grow is bold and exciting.

“I’m looking forward to working with the team as we continue the next stage of our growth.”

Launched in 2010, Funding Circle is helping to spark a global revolution in the way small businesses access finance, disrupting the traditional model of banking.

Over the last six years more than US$2.5bn has been lent to 20,000 businesses across the UK, USA, Germany, Spain and the Netherlands.