RainFin expands its Executive Team

Nov 17, 2016 RainFin In the news  Executive , RainFin
Andrew Whitty

RainFin expands its executive team with a key strategic hire from Barclays Africa Corporate and Investment Bank.

RainFin’s ability to secure, sell and structure significant debt transactions has been dramatically boosted through the hire of Andrew Whitty, previously the Head of South African Institutional Distribution and Head of Markets Cross Asset Corporate and Institutional Structuring throughout Africa.

Andrew has been appointed as the Chief Commercial Officer at RainFin and will, in this role, expand RainFin’s ability to meet the specific investment requirements of large scale institutional investors, commercial lenders, development banks, impact funds, and philanthropic & individual investors – as lenders on the RainFin platform.

This new role within RainFin and Andrew’s skills are strategically aligned to RainFin’s revised value proposition i.e. a credit marketplace for all sizes of business, from SMEs to mid-size corporates – including municipalities and state owned entities.

Prior to joining RainFin, Andrew accumulated 16 year’s worth of investment banking experience both internationally and locally. He worked for 7 years at Bank of America in London in the credit structuring and structured credit sales team, and for the last 10 years at Barclays Africa Corporate and Investment Bank. At Barclay’s his responsibilities included arranging, structuring and distribution of billions of Rand in corporate, government and structured debt products, to a variety of investors.

“For almost all my 16 years’ investment banking career I have been structuring and selling investment products to Asset managers, Pension Funds, Insurance Companies, other Institutional and High Net Worth Individuals.” – Andrew Whitty

Over the last two years, as part of his role with Absa, Andrew has worked closely with RainFin. In regard to Marketplace Lending (MPL) he summarises the commercial potential for MPLs as follows:

“Despite the fact that new regulation and capital requirements have made many lending products less profitable for banks and significantly more costly for lenders there has been a reluctance for banks to facilitate broad participation by the investor community in these asset classes, as this would serve to disintermediate them. The massive and often unknown cost structures of traditional banking also places an increased cost burden on borrowers.

These factors mean that it is only a matter of time that banks’ relevance to us as borrowers and lenders will start to diminish, with alternative capital providers pricing loans based on the true economic cost of lending. MPLs, such as RainFin, also significantly reduce the cost burden associated with traditional bank lending, whilst enhancing user experience.

I believe that MPLs will disrupt the traditional banking industry in South Africa in the same way as we are seeing the disintermediation of banking in China, the US, the UK and Europe. This is why I am so excited to be joining RainFin, especially in the context of RainFin’s evolution into South Africa’s only Credit MarketPlace – with both FSB and NCR accreditation. Working with RainFin, over the last 2 years as part of my role at ABSA, has solidified my view that: in the not too distant future many aspects of borrowing and saving will happen outside of the banking environment.”

Beyond RainFin’s commercial potential, Andrew recognises that RainFin is more than a business, he describes it as “a movement that creates better lives for all its stakeholders by enabling wealth creation and economic growth.”

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