INVESTLY has hired a new chief executive to lead the business as it looks to scale up by providing a white label offering to larger partners.
Wayne Hughes has over 35 years of experience working in senior roles with well-known financial services brands such as Demica and Bibby Financial Services. He takes over from founder Siim Mavel, who now holds the role of chief data officer.
Last month, the peer-to-peer invoice finance provider launched a white label technology platform, so that large origination partners can offer invoice discounting to their customers without having to develop the technology in-house.
Investly said it has shifted its development focus from direct marketing to businesses to partnerships with large originators and technology companies.
“Working with the significantly larger pools of customers of our partners opens up further tools for data driven credit decisioning, fraud prevention and automation,” said Mavel.
“I will be carrying our long-held vision towards machine assisted credit decisioning engine in our next phase of growth as chief data officer. Credit intelligence will be key in becoming a market leader and sustaining healthy credit model.”
Read more: Invoice finance: The business lifeline
“Much market and media commentary has emphasised the disruption of established banking and financial service models through the rollout of B2C offerings focused on disintermediation of the incumbents,” said Hughes.
“I believe the true value exists in cooperative B2B relationships between fintech partners and existing market participants. Investly is incredibly well placed to continue establishing mutually beneficial partnerships across the industry.”
Read more: Invoice finance continues to grow
Investly said it will continue to serve all of its existing and new inbound business customers in the UK and Estonia, the two markets where it operates.
Investors can earn annual returns ranging between 11 and 13 per cent by funding invoices in the two countries, with an average term of 30 days.