Jajodia previously served as a senior vice president at Capital One Bank, where he oversaw small business lending. He serves on the board of the Small Business Financial Exchange, an industry consortium composed of small business lenders formed to promote the growth and health of the small business credit industry. At Lending Club, he will take a leading role in the launch of a small business lending platform planned for 2014.

"Small businesses are driving both economic growth and job creation, yet are struggling to access capital," said Lending Club CEO Renaud Laplanche. "We will be using Lending Club's low cost operations to make credit more available and more affordable for small business owners and deliver a radically improved customer experience. We are thrilled to welcome Sid as a key member of the team."

Lending Club has facilitated more than $2.6 billion in consumer loans to date, and plans to roll out a small business loan platform next year. Lending Club continues to grow quickly with $203 million in new loans issued through its platform in September 2013. The platform's growth has been fueled by borrowers seeking lower rates and fixed payments, and investors looking for yield.

"Small business owners deserve a better experience and a better deal than the traditional banking system can provide," said Jajodia. "Lending Club has the technology and the focus on customer service required to profoundly transform small business lending and I am thrilled to be joining the team."

While at Capital One, Jajodia spent over 12 years in various credit, marketing and strategy roles across small business and consumer lending. Most recently, he was the head of small business lending at Capital One Bank where he successfully leveraged an information-based strategy to transform their risk management approach. He is a graduate of Pennsylvania State University's Smeal College of Business.