Bizfi, a, NYC-based fintech platform that combines aggregation, funding and a marketplace for small businesses, announced its board of directors has appointed John Donovan as the company’s CEO. Donovan is 30-year payments and alternative finance industry veteran, serving both small businesses and consumers.
“Bizfi is transforming the way small businesses are accessing growth and working capital,” indicated Bizfi Chairman Tom Breitling. “John Donovan brings a unique combination of industry-related expertise, strategic vision and proven management experience which will accelerate this transformation and further enhance our market-leading position in the fintech space.”
After working for nearly two decades with MasterCard, Donovan was integral to conceiving and developing new products, launching a global card program and growing the company’s global electronic payments offerings. As one of the founding employees of Lending Club, Donovan helped create the direct-to-consumer fintech industry that has transformed the way consumers and financial institutions interact with one another. During his tenure at Lending Club, he held various roles including COO, board member and EVP of corporate development.
“I have known the Bizfi team for many years and have been extremely impressed with the market presence the company has established in the fintech space,” said John Donovan. “I have spent my career building and operating companies, conceptualizing new products and increasing shareholder value. It is clear that the Bizfi team have built the single best way for small businesses to access capital in a quick, frictionless and simple way.”
With originations growing over 35% over the past year, Bizfi demonstrated record volumes, and is on track to approach nearly $600 million of fundings this year, highlighting the strength and scalability of the overall platform and the company’s leading position in the fintech industry, according to the platform. Since its creation in 2005, Bizfi has provided more than $1.9 billion in capital to more than 33,000 small business owners. Earlier this year, the Company announced partnerships with Western Independent Bankers (WIB) and the National Directory of Registered Tax Return Preparers & Professionals (PTIN).