News + Press / Press Release
Growers Edge Adds Fintech Veteran to Board of Directors; Prepares for Growth in Lending Platform
Johnston, Iowa – February 18, 2021 — Growers Edge, a provider of data-driven financial technology (fintech) solutions for the agricultural industry, today announced the appointment of Steve Allocca to the company’s board of directors. Allocca is the former president of LendingClub, founder and CEO of Loan Science, and held senior executive roles at PayPal, Education Finance Partners, and Wells Fargo.
“Steve’s combination of experience in fintech and working with businesses across multiple stages of growth and expansion will be valuable at Growers Edge,” said Dan Cosgrove, CEO of Growers Edge. “We are excited for him to join the board as we develop our products, tools, and soon to be released lending platform to provide ag retailers and their grower customers with important fintech solutions.”
In 2020, Growers Edge closed a $40 million Series B round of financing and launched the industry’s first-ever warranty-backed crop plan designed to speed the adoption of ag technology innovations that can make grower’s operations more profitable and sustainable.
This year the company is hyper-focused on digitalizing the entire ag input financing experience by deploying an end-to-end fintech solution that solves the challenges faced by ag retailers and their grower customers every day. The fintech solution will service the $50B annual crop input industry.
“I firmly believe in the transformative potential of the fintech solutions Growers Edge is developing,” said Allocca. “These solutions represent a new, disruptive approach to agricultural lending by combining all of the capabilities of a traditional loan program with a completely digital application, administration, and distribution experience to make the process fast, efficient, and customized for the retailer and grower.”
Allocca was responsible for leading LendingClub’s efforts to deliver affordable credit to more people across current and future product categories. At PayPal, he led the company’s multi-billion-dollar credit business where, he drove both consumer and business lending experiences. He also founded, ran, and remains chairman of Loan Science, LLC, a $330 million Austin-based company that remains one of the leading providers of loan portfolio analytics and management for banks, education companies, insurers, and investment firms. He also currently serves as a member of the board of directors for Payliance, Inc. Allocca earned a bachelor’s degree in Economics from Washington & Lee University, where he graduated cum laude, and an MBA from the Kellogg School of Management at Northwestern University.
Allocca joins a strong board of directors that includes industry leaders from S2G Ventures, Cox Enterprises, Skyline Global Partners, Bunge, Finistere Ventures, and iSelect.
“The financial offerings and digital applications from Growers Edge will provide more options for growers who want to farm more efficiently and sustainably than ever before,” said Trevor Schauenberg, Chair of the Board of Directors for Growers Edge. “Steve brings a great perspective and a foundation of experience from several consumer fintech products that can help drive innovation in agricultural lending.”
Source: Growers Edge
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