AUSTIN, Texas--(BUSINESS WIRE)--BorrowersFirst (www.BorrowersFirst.com), a next-generation lending platform that provides fast, fair, and transparent personal consumer loans, announced that seasoned financial services executive Dave Tomlinson has joined the company as president and CEO. He has also been appointed to the company’s Board of Directors.
Mr. Tomlinson joins BorrowersFirst after five years as president and chief operating officer at Progress Financial (also known as Progreso Financiero), a leading consumer lender focused on the under-served Hispanic market. During his tenure, Progreso grew annual revenue from $2 million to $120 million and emerged as one of the leading disruptors in the lending space. Prior to Progreso, Mr. Tomlinson spent more than 20 years across a variety of senior positions at American Express, PNC, Providian, and JP Morgan Chase.
“I am very pleased and excited that Dave Tomlinson has joined BorrowersFirst as CEO,” said Neil Wolfson, BorrowersFirst’s board chairman and president of SF Capital. “Dave is a proven leader with a great track record in growing innovative, technology-driven lending businesses. Dave’s experience in managing emerging companies, as well as established industry leaders, will help BorrowersFirst rapidly scale following its soft launch in Q4 of last year.”
After a broad and comprehensive review of the developing marketplace lending industry, Mr. Tomlinson chose to join BorrowersFirst because of its unique value proposition to both borrowers and lenders, and for the opportunity to develop new approaches in a rapidly growing industry. “Online lending platforms are shaping up to enable revolutionary advances in direct lending, including expanding markets, enhancing customer benefits, pricing and experience, as well as accessing new reservoirs of capital,” Mr. Tomlinson said. “I believe BorrowersFirst has built a platform that positions it to capitalize on these opportunities and become a leader in the space.”
Now under Mr. Tomlinson’s leadership, BorrowersFirst is currently in market, making loans with developed capabilities to support rapid growth. Among the capabilities that will position BorrowersFirst for differentiated success in the marketplace are:
- A broad underwriting technology that serves both prime and near-prime customers.
- A hybrid financing model that combines on-balance sheet funding with whole-loan sales to institutional lenders to provide a stable and diversified capital base.
- A fully formed, state-of-the-art platform designed to integrate with a range of partners to bring loans to borrowers at home, at point of sale, and through employer-sponsored loan programs.
- A seasoned management team combining traditional financial services know-how with financial technology, e-commerce, and purchase finance expertise.
- An “on-your-side”, customer-focused brand positioned to win connected consumers with its innovative approach to engaging and serving modern borrowers.
For more information, please visit: http://www.borrowersfirst.com/.
BorrowersFirst is a next-gen lending platform that provides borrowers with an alternative to traditional financing sources. BorrowersFirst offers fast, easy access to personal loans on transparent terms, friendly service wrapped in a compelling brand. BorrowersFirst is uniquely positioned to provide loans to a wide spectrum of borrowers, while meeting the varying investment profiles of our institutional lending partners, mixing whole loan sales with on balance sheet funding.