Katrin Herrling/Funding Xchange.
Funding Xchange names new chairman
Funding Xchange's long term investor and chairman John Ott is stepping down with John Allbrook, a current non-executive director taking up the role at the alternative lending platform.
Funding Xchange has appointed John Allbrook as its new chairman.
Allbrook has experience both in private equity and AIM-listed businesses. He is also currently chairing asset-based lender Independent Growth Finance, and Cellesce, a biotechnology company. Previously, he chaired both Syscap and Franchise Finance.
Allbrook joined the lender’s advisory board two years ago in the midst of the pandemic and now succeeds John Ott, who led Funding Xchange through its series A funding and £5m BCR grant.
“We are extremely grateful to John, who has provided terrific support for Funding Xchange over many years as an investor, Board member, and for the past three years as the Chair. Under his leadership, the Group has matured both in its capital raising and strategic direction,” said co-founder and CEO of Funding Xchange,Katrin Herrling.
“We understand John’s need to free up time for an intensive new Chairmanship but look forward to his continued passion for FXE and his continued advice to the board and the management team.”
FundingXchange says top of Allbrook’s list will be to help steer it to the next stages of its development, with a focus on supporting the delivery of digital solutions for the SME finance sector, as well as working with the management team to set up a Series B investment round in 2023.
The company has long provided financing top SMEs through its marketplace but for the past years has also been white-labelling its tech for other businesses.
In July 2021 this was formalised into a dedicated brand dubbed FXE Technologies.