BlueVine, the leading provider of small business banking, announced today that it has named industry veteran Steve Allocca as its first Chief Operating Officer.
In this role, Allocca will generate strong operational efficiency across the organization and drive growth across all products. He will report to Eyal Lifshitz, CEO and co-founder.
“Small businesses continue to showcase their resilience a year into the COVID-19 pandemic, and they’re now focused on building back stronger in the coming months. To support this segment of the economy, BlueVine is growing rapidly to meet their unique needs,” said Eyal Lifshitz, CEO and co-founder, BlueVine. “A seasoned banking and fintech operator, Steve brings decades of experience in the financial services industry and operational expertise to BlueVine. Steve will play a crucial role in integrating operations and delivering the best customer experiences as we continue to effectively scale, allowing more small business owners to focus on running their business.”
Allocca brings more than 25 years of experience in the fintech and financial services industries to this new role. Most recently, he served as the President of LendingClub, where he grew revenue and transformed the organization through automation, reduction of turnaround times, and expansion of offerings. Prior to that, Allocca led PayPal’s multi-billion-dollar credit business, PayPal Credit. At PayPal, Allocca launched and scaled small business lending, which soon became one of the organization’s fastest-growing and most valuable businesses. He also held a number of senior leadership positions at Wells Fargo.
Allocca also co-founded and serves on the board of directors at Loan Science, which provides loan portfolio analytics and management for banks, education companies, insurers, and investment firms. Additionally, he currently serves on the board of directors at Growers Edge and Payliance.
“After starting a business of my own, I understood how lonely small business owners can feel when searching for a banking solution that truly meets their individual needs,” said Allocca. “BlueVine is a true ally to small businesses across the U.S. and is there to help them when they need it most. I’m proud to join the BlueVine team at a pivotal moment and look forward to building on the success this organization has already achieved.”
Steve holds a Bachelor of Arts in Economics from Washington and Lee University and a Master of Business Administration from Northwestern University. He lives in the San Francisco Bay Area and will work from BlueVine’s headquarters in Redwood City.
BlueVine provides small and medium-sized businesses with fast and simple access to financial services built with them in mind. BlueVine’s advanced online platform offers an intuitive, convenient solution designed to meet the banking and working capital needs of today’s business owners with a suite of products including BlueVine Business Checking, Payments, Line of Credit, and Invoice Factoring. Based in Redwood City, California, BlueVine has provided small and medium-sized businesses with access to more than $9 billion in financing and is backed by leading private and institutional investors, including Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, SVB Capital, Rakuten, Nationwide Insurance, and M12 (Microsoft’s Venture Arm). All lines of credit and term loan products are issued by Celtic Bank, a Utah-chartered Industrial Bank, Member FDIC. Banking Services provided by The Bancorp Bank.