ASX-listed lender DirectMoney has revealed that John Nantes has been elected as the company’s new executive chairman.
In a trading update this week, the company announced that Mr Nantes, a current director, replaces Stephen Porges who has stepped down from the chairman's role but will remain a non-executive director of the company.
DirectMoney recently completed a $5.7 million capital raising which will fund further development of the company's technology platform, the marketing of the DirectMoney Personal Loan Fund, and will underpin new institutional funding initiatives, which are currently undergoing due diligence.
“The company is on a path to establishing a leadership position in the emerging marketplace lending industry,” Mr Nantes said. “We have very clear goals and I look forward to working with the board and the management team to make them a reality.”
Mr Nantes has more than 20 years of experience in financial services. Prior to being chief executive of Adcock Private Equity, he was group head of financial Services at Crowe Horwath, which held over $10 billion in funds under management and was Australia’s largest SMSF provider with over 10,000 funds.
Mr Nantes has also held various chief executive roles in financial services and senior executive roles at St George Bank and Colonial State Bank.
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