Australia’s peer-to-peer trade credit platform Marketlend announced on Monday it has appointed Brad Pattelli as its new non-executive director and member of the board. Pattelli reportedly has decades of experience as an investor in a broad range of businesses, multiple prior public, and private board roles. He recently held the position as President of LC Advisors, a subsidiary of LendingClub. Before joining LC Advisors, Pattelli was a partner at Angelo, Gordon & Co., a $26 billion New York registered investment advisor that specializes in alternative investments.
While sharing details about the new appointment, Leo Tyndall, CEO of Marketlend, stated:
“Marketlend is delighted to have someone of Pattelli’s caliber join our board of directors with other notable directors being Jon Barlow. It’s a real affirmation of the Company’s achievements to date and our future prospects to have him make a significant and integral investment in our nearly complete equity funding round.”
Pattelli also commented,
“The Marketlend team has really delivered an innovative financing solution for the small to medium sized business market and at the same time has creatively structured unique products that deliver benefits to both borrowers and investors. I look forward to working with this talented team to help make Marketlend the go-to provider of receivables and supply chain financing, as well as a credible choice in alternative, insured fixed income investing.”
Marketlend also revealed it recently secured a mandate from an undisclosed institutional investor to invest through its platform. Tyndall then added:
“We are very excited by the appointments, as well as the extensive knowledge, investment and skills of our team that make Marketlend a scalable marketplace lending operation to the Australian businesses. Our model is based on providing three key strengths: an innovative technology solution for the financing of company receivables and payables locally and offshore; accompanying the investments with risk protection enhancements consisting of insurance and first loss protection; and securitizing the loans on inception to meet the needs of investors including institutional investors.”