FinTech: Fundbox Hires Former Goldman Sachs Investment Banker as CFO
Fundbox, the fintech startup that finances SMEs, is planning a potential IPO.
Fundbox has appointed Marten Abrahamsen as its CFO effective this January, according to Fintech Futures.
Abrahamsen was previously a partner at The Chernin Group LLC, a Los-Angeles-based investment firm. Before that, he managed Coatue Management LLC’s investments in Grab Holdings Inc. and Jet.com Inc., an online retailer. He also worked as an investment banker at Goldman Sachs, according to the WSJ.
As CFO, Abrahamsen will be responsible for budgeting, corporate development and strategy, as well as forecasting, planning, and analysis tools. Control on costs and growth of margins is also his brief.
Abrahamsen will also prepare for a potential IPO for Fundbox. “We went for this type of CFO because of his capital markets and investment expertise,” a Fundbox spokesman said, according to WSJ. “We wanted someone who knows what it takes for an IPO.”
Tim Donovan, Head of corporate communications at Fundbox, called Abrahamsen the company’s “Swiss army knife of expertise” – one they found after a two-year search. “He has investing and financial experience and the rigor to invest in the right processes and procedures that would set our company up if and when we’re ready to go public,” said Donovan.
Fundbox has raised $433.5 million since its founding in 2013. Investors include Khosla Ventures, General Catalyst, Spark Capital, and Amazon.com Inc. Chief Executive Jeff Bezos.
The fintech startup has processed $1.8 billion in loans to approximately 200,000 businesses.
It is currently valued at $750 million.
Latest Alternative Investment News
Global early-stage venture capital firm Bessemer Venture Partners announced Thursday its raise of $3.3 billion across two new funds. BVP XI, which collected $2.475 billion, will focus on early-stage companies…
SS&C ALPS Advisors have launched an actively managed, semi-transparent ETF that focuses on the U.S. REIT securities market. The ALPS Active REIT ETF (REIT) will trade on the NASDAQ.
Atom Bank, which is based in Durham, U.K., plans to raise £40 million from its existing shareholders in a move to achieve profitability within a year. The digital bank also…
Federally chartered digital bank Anchorage announced Thursday its Series C raise of $80 million led by GIC, Singapore’s sovereign wealth fund, with participation from a16z, Blockchain Capital, Lux, and Indico.