[caption id="attachment_56083" align="alignleft" width="308"] Lendful Co-Founder and CEO Alex Benjamin[/caption]
Following its recent $15 million partnership deal with Alterna Bank, and previous undisclosed investments from Stanley Park Ventures and Ferst Capital Partners, Canadian online lending marketplace Lendful has appointed Mitch Salis Co-Founder and COO.
In his previous role as CFO at one of the fastest growing small-business finance companies in Canada, Salis was instrumental in building out the company's operations, financial systems, and overseeing risk functions including underwriting and collections.
"Mitch brings a huge amount of experience to the team, and at this stage of the online lending evolution in Canada, strong management and execution is key," says Lendful CEO, Alex Benjamin.
"Combined with our recent Alterna deal, getting Mitch in the mix sets us up incredibly well to continue to grow our book."
Lendful director and investor Dominique Ferst of Ferst Capital Partners adds it is a great accomplishment and validation of Lendful's potential for us to have attracted Salis.
"We are very pleased to have such an experienced operator in our industry join our team at this important time," Ferst says.
Salis will oversee the expansion of Lendful's strategic partnerships and lead the build out of the company's operations. In addition he will focus on raising finance as well as expanding underwriting, data analytics, collections, and customer service.
Lendful's says its lending algorithm can leverage social data points to better understand and rate potential customers as a key differentiator.
The company says it will be releasing some interesting data derived from its algorithm soon – information that Alterna, a subsidiary of credit union Alterna Savings, is helping to parse and validate.
Since approving its first loan in September 2015, Lendful has seen $20 million in loan applications.
Salis says he is thrilled to be joining the team at Lendful.
"The Canadian consumer lending market is massive and our company is strategically positioned to provide millions of under-served borrowers access to capital in a seamless and efficient way," he says.