Glenn Hodgeman has joined AltFi as an executive director for AltFi in Australia.
AltFi will be expanding its coverage down under and into South East Asia in the coming months due the booming alternative finance and fintech markets in these regions.
David Stevenson, co-founder and executive director of AltFi, says the next few years could see massive growth in the market place lending and fintech space in Australasia.
“The opportunity is huge. Australian investors - both institutional and retail – and borrowers are increasingly interested in the alternative finance space with the market shaping up to rival the US and UK in terms of range and quality," he said.
The p2p lending market is currently growing rapidly in Australia and is one of the largest outside Europe, UK, US and China and is valued at nearly AUD$460m, according to Australian P2P lender Bigstone.
AltFi's inaugural Australasian Summit back in February was heavily oversubscribed with more than 300 attendees and presentations from OnDeck's Noah Breslow, Morgan Stanley's Richard Wiles and Mitchel Harad from SocietyOne.
Hodgeman has been running global credit businesses for nearly 20 years across Australia and Asia, most recently with Westpac Banking Corporation as global head of credit trading.
Previous to this he was heading up trading businesses for Citi/Salomon Smith Barney and ANZ. His specialty, investing across all parts of the debt capital structure, including distressed assets.
Recent regulatory changes in the Australian banking industry are now starting to impact the business models of the Australian Banks, he says, and is evident in the emergence of more and more P2P lenders and crowd funding platforms.