The German Fintech company Kreditech appears to be shifting from being a tech company to a more traditional on-line lender.  After significant financial losses bankers are taking over the leadership of the company. The company announced the appointment of David Chan as chief executive.

Previously, Chan was the chief executive officer of Barclaycard Consumer Europe. Under his leadership the credit card division, spanning seven countries, doubled its profits and Barclaycard became the No. 1 in the U.K.  Chan has more than 20 years of experience as a financial services leader, with deep expertise in running credit card, payments and consumer lending businesses. Alexander Graubner-Müller will stay with Kreditech in his role as founder and Deputy CEO.

Alongside with Chan, Kreditech has also been appointing top talent across several other roles in its leadership ranks. As part of the new executive team, Mariusz Dabrowski has been appointed Chief Financial Officer and Todd Simmerman Chief Product and Technology Officer. Dabrowski previously served as CFO and financial director at Homecredit, IPF and Provident in India, Spain, and Poland, while Simmerman served as CTO at Paysbuy, the payments processor in Thailand.

In addition, Kreditech announced the appointment of Giles Andrews OBE as chairman of the advisory board. Andrews is a distinguished entrepreneur and co-founder and chairman of Zopa, the world’s first and U.K. leading consumer peer-to-peer lender, and chairman of MarketInvoice, the fintech platform for small business working capital. “I look forward to combining talents with David, Alexander and the Kreditech team on a path of profitable growth and continuing to develop and expand the game-changing

Source: Kreditch Press Release