Circle Internet Financial, a digital currency company, today announced that Raj Date, one of the country's most prominent leaders in consumer finance, will join the company's board of directors.
Date, the Managing Partner of Fenway Summer LLC and the former Deputy Director of the U.S. Consumer Financial Protection Bureau (CFPB), will help advance Circle's commitment to maintaining the highest standards of consumer protection, privacy and regulatory compliance.
"As an executive who has worked in both industry and government leadership positions within consumer finance, Raj brings Circle incredible perspective and vision," said Jeremy Allaire, Circle founder, chairman and chief executive officer. "His addition to Circle's board of directors will bring tremendous depth of knowledge to our business and product strategy, as well as to our engagement with key regulatory agencies."
Circle, which last month announced its debut with $9 million in Series A financing, is developing products that make it easy to exchange, store, send and receive digital currency. For businesses and charities, Circle is providing merchant services for accepting digital currency payments. By building financial products and services on top of Bitcoin, Circle is able to offer faster transactions, lower costs, greater privacy safeguards and increased protection against fraud and identity theft.
"Products that use digital currency have the potential to remove significant friction from our financial lives, and to expand financial inclusion for the underbanked around the world" said Date. "Circle is well positioned to lead innovation in the space and to champion mainstream adoption of promising new technologies, like Bitcoin. I'm thrilled to join the board and look forward to working with the team on an exciting new generation of consumer financial products and services."
Date has enjoyed a long career in consumer finance as well as in shaping federal consumer protection standards and policies. He was the first-ever Deputy Director of the United States Consumer Financial Protection Bureau (CFPB) where he helped guide the agency's strategy, operations, and pollicy agenda. Prior to being appointed Deputy Director, Date acted as the interim leader and architect of the new agency, serving as the Special Advisor to Secretary of the Treasury Timothy F. Geithner.
Before his time in public service, Date was a Managing Director in the Financial Institutions Group at Deutsche Bank Securities, where he led the firm's investment banking coverage of U.S.-based banks and thrifts, and he also served as Senior Vice President for Corporate Strategy and Development at Capital One Financial, an industry pioneer in consumer financial products. He began his business career in the financial institutions practice at McKinsey & Company.
After leaving CFPB, Date founded Fenway Summer, an advisory and venture investment firm based in Washington, D.C.