OnDeck reveals new chief financial officer

By Daniel Lanyon on 13th March 2018

P2P/Marketplace Lending

The fintech firm, which turned ten last year, has made a new senior hire.

OnDeck reveals new chief financial officer

Ken Brause is to be appointed the new chief financial officer of the US marketplace lending giant OnDeck.

Brause will take up the role on 26 March as part of a “mutually agreed upon transition” from current CFO Howard Katzenberg.

Katzenberg will serve as an advisor to OnDeck until April 13, 2018, working closely with Brause to facilitate a smooth transition.

OnDeck has lent over $8bn to more than 80,000 small businesses across the US, Canada and Australia since 2007. The platform branched out beyond the US in 2015, less than a year after listing on the New York Stock Exchange. 

Its share price has plummeted since its launch price of $20 to just $5.4 today although this has represented something a recovery from its Nadir in 2016.

OnDeck's Share Price since IPO

Source: Google

"We are excited to welcome Ken to OnDeck and look forward to benefitting from his financial expertise and proven track record leading sophisticated financial services operations," said Noah Breslow, OnDeck's Chairman and Chief Executive Officer.

Brause, 53, joins OnDeck with more than 30 years of experience in the financial services industry. Most recently, Brause served as Executive Vice President and Treasurer of CIT Group and CIT Bank with responsibility for all areas of CIT's Treasury function, including funding & liquidity, investments, balance sheet management, and capital management.

Prior to becoming Treasurer, Brause was Chief Financial Officer for CIT's North America Banking group with responsibility for overseeing all financial aspects of the company's Commercial Services, Corporate Finance, Equipment Finance, Factoring, and Consumer Banking activities.

OnDeck is the leader in online small business lending in the US, having launched in 2007.

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