John Mack, the former chairman and chief executive of Morgan Stanley, is to join the board of a peer-to-peer lending company that aims to bypass banks and extend credit directly to borrowers through the internet.

Mr Mack, once dubbed “Mack the Knife” for slashing costs during his time at the investment bank, will add a position on the board of Lending Club to his growing portfolio of non-executive appointments. He joined buyout group KKR last month and acts as senior adviser to China Investment Corp.

Lending Club is one of a crop of fast-growing peer-to-peer companies, which seek to match lenders directly to borrowers. The web-based club says it has lent $589m since it opened in 2007 with a Facebook-based lending platform, and generated $51m of interest for investors.