Australian marketplace lending platform DirectMoney has appointed Anthony Nantes as CEO. Former CEO Peter Beaumont will move into the Chief Operating Officer role. DirectMoney released a statement that Nantes will bring a set of skills that will deliver the next phase of company growth. DirectMoney is listed on the ASX and shares have performed poorly during the past 12 months. The company has garnered some support from Macquarie Group but has struggled at times to find sufficient capital to fund loans. The most recent financial results published indicate top line growth of 177% and loan originations growth of 77%. The company continues to deliver a net loss.
Nantes is said to bring substantial experience in fintech and technology to the CEO role. He was previously Chief Operating Officer at Prospa, a fintech lending company, which during his tenure in 2015 was recognised by Deloitte as the fastest growing technology company in Australia.
“I am excited to have the opportunity to take over the reins of such an outstanding Australian fintech company that has proven capability and has successfully grown through the early stage with a proprietary technology platform foundation that can scale over of the coming years, “ commented Nantes on the announcement.
DirectMoney has been operating since 2014 and is a Fintech pioneer in Australia. It is the only listed marketplace lender in the sector and is one of the few marketplace lenders with a retail license. Investors may buy into the DirectMoney Personal Loan Fund, which in turn invests in unsecured personal loans originated by DirectMoney.
Nantes was described as being passionate about “changing the face of customer experience through design, technology and service”. He predicted that A$1 billion in loans will be written on online platforms in Australia in 2017, a A$90 billion consumer finance market.
“This appointment follows the strategic review of the business and seeks to build on the company’s achievements over the past 12 to 15 months. Anthony is an experienced leader with a track record of leading growth both in fintech’s such as Directmoney, and the technology sector generally,” stated DirectMoney Executive Chairman, John Nantes. “He brings a unique set of skills to the Company and the Board is confident he shall lead and deliver the next phase of the Company’s growth, capitalising on the company’s technology capability and enhancing DirectMoney’s brand within the consumer finance customer segment.”