Embedded lending platform Versatile Credit has named a new finance chief and new engineering head.
Max Rieck, a veteran of companies such as Fiserv and Pineapple Payments, is joining Versatile as chief financial officer, the company announced Monday (Jan. 15).
“His expertise in scaling financial operations and integrating strategic initiatives will be invaluable to Versatile Credit, especially as the company navigates the evolving FinTech landscape,” the firm said in a news release provided to PYMNTS.
“In his role as Versatile’s CFO, Max will oversee the company’s finance team, including functions related to planning, financial strategy, enhancement of operational efficiencies, and ensuring the business is prepared to operate efficiently at scale.”
Meanwhile, Chris De Arcangelis has been named Versatile’s vice president of engineering, joining the company following stints at Candidly and M&T Bank.
“Chris will lead engineering initiatives at Versatile Credit with a heavy focus on scaling technology infrastructure, optimizing workflows, and maintaining rigorous compliance and audit controls, ensuring Versatile remains at the forefront of embedded lending and consumer finance,” the release said.
“Bringing Max and Chris on to the team is a significant milestone for Versatile Credit. Their experience and expertise will be pivotal in furthering Versatile’s journey to become the dominant force in embedded lending,” added Ed O’Donnell, Versatile’s CEO.
O’Donnell spoke with PYMNTS CEO Karen Webster last month in an interview that covered, among other things, the potential of artificial intelligence (AI) in embedded finance.
“We’re slow-walking it to some extent,” because of industry concerns about the role of advanced technology.
“We’ll do a lot of things behind the scenes” in early 2024, he added, things that may not be as apparent to consumers and Versatile’s merchant lending partners.
In the second half of this year, O’Donnell predicted, Versatile will unveil solutions tied to tools for business partners to use more fully.
“This is the time when it’s really important to pick partners that have a track record of success,” O’Donnell said, “and can show that [technology] is not just vaporware — it’s out there in the market and it’s working well.”
More recently, the CEO took part in a PYMNTS report in which executives from the payments and digital commerce sector discussed industry shifts that occurred in 2023, and what they expect for the year ahead.
“As 2024 begins, business leaders must recognize the value of comprehensive, multi-lender financing programs,” O’Donnell wrote. “These programs are designed to cater to customers across the credit spectrum, fostering robust relationships between merchants, lenders and credit providers.”
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