Zopa Appoints Phillip J. Riese Chairman of the Board

"Zopa is proving its value to borrowers and lenders in the UK every day, and we believe this success will catch on around the world," said Riese. "This is an opportunity for me to join an amazing team and help define a new category within financial services."

"Zopa has created a powerful new service in person-to-person lending and borrowing that gives more opportunity and control to the consumer," said Draper. "I see significant growth potential for Zopa."

Riese brings more than 20 years of financial service expertise to his role as chairman. He is the former president of American Express Consumer Cards Services Group, where he spent 18 years of his career developing, marketing and servicing charge and credit card products. During that time, Mr. Riese and his team were credited for the successful turnaround of the flagship business of American Express.

"Phillip has unparalleled experience in financial services and consumer marketing," said Richard Duvall, CEO, Zopa. "We know his guidance will be invaluable as we continue to progress along our growth path."

While at American Express, Riese also successfully re-launched American Express into the consumer lending business, as well as developed the co-branded card business. Before American Express, Riese served as division executive of Chase Manhattan Bank's Visa and MasterCard businesses. Riese is currently president of Riese and Others, which provides consulting and advisory services to start-up and Fortune 500 companies.

"The additional $5 million in funding and the commitment from an individual as accomplished as Phillip Riese reflects the power of our proposition," said Duvall. "These developments put us in a position to move toward our California launch with strong momentum and support."