RATESETTER has hired former PayPal UK executive Michael Hoare to take up a newly-created role on the company’s risk team, with immediate effect.
Hoare has been named head of risk analytics and retail credit, and he will join the company’s established risk ream, reporting into the peer-to-peer lender’s risk committee. The committee is chaired by Jim Gunner who was previously senior executive for group risk at HSBC Holdings.
“I’m excited to be joining RateSetter at a key moment in its growth,” said Hoare. “The company has proved genuinely innovative in the six years since it launched and has a great track record in helping investors manage risk – I look forward to helping it build on that record.”
Hoare was previously chief credit risk officer at PayPal UK, where his role involved overseeing underwriting, customer management and collections strategies for unsecured consumer and small business lending. Prior to this, he was credit risk management director at credit card service company Capital One.
His appointment underlines RateSetter’s commitment to risk awareness. Last month, the company introduced a “capital coverage ratio” on its website in a bid to reassure investors about the safeguards protecting their money.
“Managing risk is central to what RateSetter does, and we’re pleased to welcome an experienced specialist like Michael to our team,” added Rhydian Lewis, chief executive and co-founder at RateSetter. “He will play a key role in helping us grow sustainably over the long term.”
RateSetter’s risk team has seen some turnaround of late. Earlier this month, the Financial Times reported that chief risk officer Cyrille Salle de Chou had left the company after just six months to join HSBC.