Bernardo will join from PayPal where he held the role of head of US small business lending and will succeed Funding Circle co-founder Sam Hodges, who will become chairman of Funding Circle USA.

The appointment comes after record-breaking growth for the P2P platform in the US, with American businesses accessing more than $1bn (approximately £716m) in funding through the platform since 2014, with $500m (approximately £358m) being provided in 2017 alone.

Prior to PayPal, Bernardo was at Bank of America for six years, where he oversaw a variety of functions within its small business banking business.

Samir Desai, CEO and co-founder of Funding Circle, felt Bernardo’s experience and knowledge of small businesses in the US made him the perfect fit for the role.

“I am delighted he has joined the team to spearhead our next stage of growth,” said Samir.

“These are exciting times for Funding Circle in the US.

•   Funding Circle lends £113m in February
•   Funding Circle lends over $5bn globally
•   Bibby appoints new MD

“Over the last five years, we have established ourselves as the largest small business loans platform, and we have ambitious plans for the future.”

Bernardo added that he had been impressed by Funding Circle’s accomplishments for small businesses around the world.

“They are doing more than just building a category-leading financial technology company,” said Bernardo.

“They are building a better financial world by supporting small businesses to grow, in turn creating jobs and revitalising our communities.

“I’m excited to work with Samir, Sam and the rest of the team to extend this impact as we head into the next chapter.”

Meanwhile, Sam said that he was thrilled that Bernardo had joined to help guide Funding Circle’s US business through the next stage of its growth.

“Access to finance for small businesses remains a major problem in the US, and I have never been more confident in our ability to fill this void, fuelling the growth of America’s small businesses and delivering better returns for investors.”