BlueVine taps ex-LendingClub president Steve Allocca as COO

Small business lender BlueVine has hired Steve Allocca, former president of LendingClub, as the company’s first chief operating officer. Allocca steps into the role with prior experience as vice president and general manager of PayPal Credit, and over a decade in various senior roles at Wells Fargo.

Why should we care?
The appointment of Allocca, who has extensive experience helping grow large industry players like LendingClub and PayPal, adds fuel to speculation that BlueVine is on a path to go public. Allocca, in a recent interview, declined to comment on that possibility, but noted that his experience scaling industry heavyweights was important to BlueVine. BlueVine CEO Eyal Lifshitz previously suggested that the company may go public, but hasn’t offered further details. BlueVine is also looking to hire a chief financial officer as part of its growth efforts. Allocca’s background overseeing LendingClub’s Radius Bank acquisition suggests his skill set will help further BlueVine’s banking ambitions. The company rolled out business checking accounts in 2019, and is looking to gain market share among small businesses who feel ignored by Wall Street banks. “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 in a statement.