RICHMOND, Va.--(BUSINESS WIRE)--Mission Lane, a purpose-driven consumer fintech company, today announced that its Board of Directors has appointed Brandon Black as Chief Executive Officer. Black has served on the board since 2019.
The company concurrently announced that it has closed on additional funding from Invus Opportunities and QED Investors. In the last five years, Mission Lane has served over three million customers and built a high-quality portfolio of over $2 billion, all while becoming profitable and consistently earning industry-leading customer Net Promoter Scores and strong financial returns on capital.
Black, who has nearly three decades’ experience in financial services, started his career at Capital One, leading various operating units – including credit, customer service, fraud, and collections – as the company grew from a unit within Signet Bank into an enduring market leader. Subsequently, he served as COO and CEO of Encore Capital Group. During Black’s 13-year tenure there, Encore’s enterprise value increased by 19x, its share price grew by 20x, and its revenues increased by 21x (from $37M in 2000 to $773M in 2013). Black also co-authored the book “Ego Free Leadership” and serves on numerous non-profit and corporate boards.
Mission Lane’s prior CEO, Shane Holdaway, will support the company through the transition as Special Advisor to Black and remains a significant shareholder. Holdaway will also take on a new role as an Operating Partner at Invus Opportunities, Mission Lane’s largest shareholder, where he will focus on evaluating new investments.
“As a board member, it’s been clear to me that everyone at Mission Lane shares an unwavering commitment to deliver better outcomes for the millions of hard-working Americans that are our customers,” said Black. “By attracting world-class talent and deploying innovative technology, we’ve been able to provide financial solutions for Americans that traditional institutions typically leave behind. I couldn’t be more excited to lead Mission Lane through its next phase of growth, innovation, and service.”
“After a decade of methodical investment that goes back to Mission Lane’s pre-spinoff days, the company has now reached an inflection point in its scale and profitability,” said Nigel Morris, co-founder of Mission Lane and Chair of the Board of Directors. “Brandon and I worked side-by-side to scale Capital One, and he has only grown as a leader since then. He is the perfect person to take the baton from Shane and shepherd Mission Lane’s next growth stage.”
“I’m so proud of what Mission Lane has achieved over the past five years and deeply grateful for the support of our board, investors, and team members during my tenure,” said Holdaway. “We’ve succeeded in building one of the rarest entities in all of fintech—a modern lending platform that is profitable, excels at customer service, and possesses the capacity for significant growth. I look forward to fully supporting Brandon in his new role.”
About Mission Lane
Mission Lane is a purpose-driven fintech company that leverages advanced technology, data analytics, and machine learning to provide a dignified customer experience to people who are working hard to build or rebuild their credit and improve their financial lives. Mission Lane strives to offer branded products through its sponsor banks with better and easier-to-understand terms than many of the alternatives available to people with less-than-perfect credit or limited credit history. The company’s digital self-service tools make it easier for customers to stay on top of their accounts. And with responsible use, Mission Lane branded products and tools can help them on their journey to improve their credit. Over three million consumers have chosen Mission Lane, earning high customer ratings on Credit Karma for its market segment. Since its spinoff as an independent company in December 2018, Mission Lane has cumulatively raised over $600 million of equity from leading investors, including Invus Opportunities, QED Investors, LL Funds, funds affiliated with Oaktree Capital Management, and other leading investors to support the company’s mission of setting a new standard of financial services for everyday Americans seeking to improve their financial health.
