Renowned German economist and former executive board member of the European Central Bank Jorg Asmussen has joined the board of small business loans marketplace Funding Circle.
Asmussen served as and ECB executive board member from 2012-2013, 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.
His appointment at London-based Funding Circle follows last year's acquisition of German lender Zencap, giving the online marketplace a foothold in Germany, Spain and the Netherlands, alongside its existing operations in the UK and US. Since 2010, more than $2 billion has been lent by investors at Funding Circle to more than 15,000 businesses.
Says Asmussen: "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."