Bizfi Hires Former Lending Club Exec as New CEO

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Bizfi, a New York-based online small-business finance company, announced the hiring of John Donovan as its new chief executive officer.

Donovan previously worked at Lending Club, including a stint as chief operating officer. Since leaving the San Francisco-based marketplace lender in 2012, he has served on the boards of, or as an advisor to, numerous fintech companies, according to his LinkedIn profile.

Earlier in his career, Donovan spent 17 years at Mastercard, where his most recent title was vice president of global product development.

Bizfi, founded in 2005, was originally called Merchant Cash & Capital before changing its name last year. In a press release Monday, the firm said that it is on track to approach nearly $600 million in loans funded this year.

Bizfi's website advertises a variety of credit products for small businesses, including short-term financing, lines of credit and invoice financing. The company says that it works with a wide variety of funding partners.

Bizfi founder Stephen Sheinbaum, who has been serving as acting CEO, is remaining with the firm, according to a company spokeswoman.

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