NEW YORK, NY--(Marketwired - Mar 17, 2015) - eProdigy, the fintech holding company of several subsidiaries in the alternative lending market, has named Stephen Brown as Chief Financial Officer. Mr. Brown brings several decades of experience and a track record of successfully creating growth for start-up companies in the financial and technology arena. Prior to this appointment, Mr. Brown had been serving as the company's acting CFO.
Before joining eProdigy, one of Mr. Brown's recent positions was CFO/Treasurer of IDT Corp, where he had worked for 15 years. By the time he left IDT, the company had an annual revenue stream of $2 billion, operating with a range of $200 and $900 million cash on its balance sheet. He also served on its Board of Directors and played an active role in the company's Initial Public Offering. While serving as IDT's CFO, he helped found IDT Entertainment. He served as Chairman and CEO of the subsidiary, raised over $200 million, and was actively involved in its successful sale to Liberty Media for over $450 million.
Notes eProdigy CEO, David Rubin, "We are thrilled to have someone of Steve's caliber on board. At eProdigy, he has already helped us build a solid foundation and a secure business that closely manages its risks, and is now ready to be scaled. Now that we have the opportunity to deepen our relationship with him by bringing him on board, and we look forward to eProdigy benefitting from his vision, deep connections within the finance community, and a firm hand that will guide us though the next stages of our company's growth."
Mr. Brown had taken countless tech and financial start-ups through successive development stages, whether through strategic mergers, making acquisitions, raising private financing or through IPOs. He has helped companies raise money, identify growth and acquisition opportunities, create shareholder value and go public. While his everyday tasks will encompass overseeing day-to-day financial functions and further developing financial discipline and controls, his strategic role will be more about determining the next steps for eProdigy, whether to introduce new partners, raise money, either debt, equity or IPO, or create relationships with investment banks specialized in the alternative lending industry.
Notes Mr. Brown, "The alternative finance industry is a relatively new one, with a considerable growth path ahead of it, if managed right. In recognition of this, there has recently been a great deal of financial activity for companies in this space. As the industry comes of age, the key challenge eProdigy will have to manage is how to create a glide path that at once allows it a commensurate share of the industry's overall growth, while balancing the risks that are inherent in the space."