LendUp, a socially responsible online lender on a mission to redefine financial services for the emerging middle class, announced on Thursday it has appointed Capital One co-founder Nigel Morris joined as board chair, and Frank Rotman, an early Capital One employee and its longtime Chief Credit Officer, joined as board member. LendUp also reported that Morris and Rotman are founders of QED Investors, a leading venture capital firm and LendUp investor. While sharing details about the appointments, LendUp reported:
“As LendUp continues to scale, it will benefit from the addition of Morris and Rotman to its board. During Morris’ and Rotman’s tenure with Capital One, the company grew from an innovative startup to an admired public company valued at over $20 billion. Using advanced statistical marketing and underwriting techniques, Capital One extended credit to overlooked consumers, reduced the cost of credit, and transformed the credit industry. Now, as founders of QED Investors, the duo and their team support high-growth businesses. Beyond LendUp, the firm has invested in ClearScore, Credit Karma, GreenSky, SoFi, Zopa, and many others.”
LendUp also noted that Morris and Rotman join Blake Byers of GV (formerly Google Ventures) and board advisors and observers including Ali Rowghani, former CFO/COO of Twitter and Pixar CFO; and Carrie Dolan, former LendingClub CFO and Schwab Bank Treasurer. Sasha Orloff, Co-Founder and CEO of LendUp, stated:
“Our vision is to be the financial services partner to the more than half of Americans with low credit scores, who’ve been shut out of or mistreated by mainstream banking. We’ve built an exceptional fintech team, and having Nigel and Frank on LendUp’s board is a testament to our track record in category-leading products, machine learning, software, and customer satisfaction — as well as our potential. Nigel and Frank are the original credit disruptors, and Blake, through GV, brings the best of technology and mobile. Together, they are in a class of their own and give us an an incredibly powerful advantage as we build an iconic brand.”
Morris then commented:
“Too many Americans simply can’t access products that are fair, transparent, and enable them to manage their busy lives. LendUp is a truly special company that has diligently developed products to meet this need. The opportunity is huge, the need is great, and LendUp has the team and technology to do it.”
Rotman added:
“LendUp is filling an important gap in the financial services market. I’m impressed on a number of fronts — from the team’s nimbleness and discipline, to its tech stack and ability to test data sources. It’s a well managed company, addressing a vast, underserved market. I’m confident LendUp can simultaneously build a big, profitable franchise while continuing to delight customers.”