A New Addition To The Team
The last 4 months have been amazing for INSIKT. We raised a $50M equity round at the end of 2017 led by Grupo Coppel (the largest lender and retailer to the underbanked in Mexico) and with amazing co-investors like First Mark Capital, Revolution Ventures, and Colchis Capital. We are growing incredibly fast, with our key growth metrics and revenue up over double year over year. We now have 100,000 active borrowers and are powering loan applications in 700+ stores. We launched our lending product in Arizona. And we are very excited about our plans for the rest of 2018!
Our mission is bold and requires ingenuity to solve for at scale: we are fighting for economic justice, plain and simple. We want to improve the financial health of millions, starting in the US and one day, across the globe. The pain point that we are solving for is access to capital and the horrible reality that there are no good options between a credit card and a payday loan for most people in this country. We are changing that and with a “do no harm” ethos. We make small loans at affordable rates to hard-working people with low credit scores or no credit rating at all. When they pay back their loans on time, we report their credit ratings to the bureaus so that they can build their credit rating over time. This one act of building credit unlocks better, healthier financial choices for our borrowers, their communities and their future.
Three keys to achieving our mission: hiring top talent, building world class technology and designing simple and intuitive experiences for our borrowers, partners and investors. To help us achieve these goals and lead the way in technology and design, today we announced that we have hired Chris Motes as our new Vice President of Product.
Chris is a fantastic hire for us with extensive experience in building products powered by great technology. As Vice President of Product for Video at Yahoo, Chris’ teams created and built consumer experiences for Yahoo video that millions of users watched every day. Chris led product for Yahoo News and helped grow that product into the world’s biggest news site at the time. Chris also led consumer product for HotJobs where he focused on search relevance and matching algorithms. More recently, Chris also served as Senior Vice President of Product and Design at Fullscreen where he led the product and design team building a subscription video offering. He was also an EIR at The Chernin Group. Chris has an MBA from Wharton and an undergrad in business from Texas A&M.
Chris has worked with some of the best engineers, designers and product people in Silicon Valley and Los Angeles. He brings a great mix of experience in execution, experimentation, hard core product thinking, great design and awesome technology to our team! Chris will be leveraging those talents to turn our loan experiences into the fastest, simplest and most intuitive in the industry.
We are very excited to have Chris join our team. Stay tuned for more exciting announcements from INSIKT! WHOO!