Michael Lenora, former CEO of Vanquis Bank, appointed as Independent Chairman of the Board and Andy Golding, CEO at OneSavings Bank, as Independent Board Member

The Hamburg based consumer finance technology company Kreditech has appointed two new independent Board Members to further strengthen its Advisory Board: Michael Lenora joined as Independent Chairman, Andy Golding as Independent Board Member. These recognized experts from the consumer finance industry will support Kreditech further in its mission to provide access to credit for the underbanked.

Michael Lenora brings more than 30 years of experience within the consumer financial services industry which includes a wealth of expertise in both consumer lending and credit cards. Michael previously served as Managing Director of Vanquis Bank – a consumer finance company of Provident Financial Group – from 2007 until 2016. Vanquis Bank, established in 2003, offers credit cards for UK residents with limited or uneven credit history, a business with many parallels to Kreditech. Prior to this, Michael worked in senior management positions at Barclaycard International and Associates First Capital Corporation (Citi). Alongside his professional career, Michael founded a charity called Hatua to support schooling and education in Africa, for which he frequently spends time in Kenya and Uganda.

Andy Golding, currently CEO of OneSavings Bank PLC in the UK, has worked in the consumer financial services industry for over 30 years. He has held senior positions at NatWest, John Charcol and Bradford & Bingley. Prior to joining OneSavings Bank, a UK consumer lender with international operations, he was the CEO of Saffron Building Society, a UK mortgage lender. He holds a number of positions with industry associations and is a Director of the Building Societies Trust.  Andy is passionate about simplicity and fairness in financial services and is a published author on the subject of financial education.

Alexander Graubner-Müller, CEO and Founder of Kreditech said: “Having Michael and Andy on our advisory board is a great strategic and personal fit for Kreditech. We are very excited to benefit from their expertise to build market-leading consumer finance businesses, that will help to grow our business with the ultimate goal to succeed in bringing financial freedom to the underbanked.”

Michael Lenora and Andy Golding join the existing advisory board consisting of additional four members, Peter Yordan from J.C. Flowers, Elena Lieskovska from Värde Partners, David Blumberg from Blumberg Capital and Manfred Krikke from HPE Growth Capital.

About: Kreditech Group’s mission is to improve financial freedom for the underbanked by the use of technology. Combining non-traditional data sources and machine learning, the Company provides better access to credit and a higher convenience for digital banking services.  The product offerings include consumer loans, a digital wallet and a personal finance manager designed to help customers manage their credit score and plan their spending.  Kreditech also offers a “credit as a service” model, allowing partners to integrate its credit products as payment method or funding source.  Founded in 2012 and headquartered in Hamburg, Germany, Kreditech has processed four million loan applications through its subsidiaries. The Company is led by CEO and Co-Founder Alexander Graubner-Müller and is financially backed by world-class investors including J.C. Flowers, Rakuten, Peter Thiel, and the World Bank’s IFC.

Source: Kreditech Press Release

Editorial Comment:  The significance of these appointments is that the technology driven Fintech company Kreditech is now being managed like a bank.  This should not come as a surprise since the World Bank’s IFC unit is a major shareholder and lending is the primary activity and not just technology.