Tim Harris Named CEO; New Management Team Will Invest in Technology and Enhance Go-to-Market Strategy
New York, New York, July 23, 2020 – NewOak Finance Inc., (NFI) with holdings in the financial technology space, has announced the acquisition of FuturePay Inc., a provider of consumer revolving credit products for e-commerce merchants.
According to Ron D’Vari, chief executive officer of NewOak Finance, the acquisition of FuturePay’s assets is completed, and NFI has taken operational control of FuturePay’s highly regarded e-commerce lending solution, alternative consumer credit products, intellectual property, customer base, and ongoing business activities. Terms of the acquisition were not disclosed.
“FuturePay’s mission is to deliver consumer-friendly credit products that redefine the ways consumers transact online,” noted D’Vari. “We plan to re-establish FuturePay as the pre-eminent alternative financing provider by leveraging its proven technology, deploying state-of-the-art multi-channel marketing, and employing best-in-class risk, regulatory and capital markets practices.”
Technology veteran Tim Harris, who has held senior management positions with global brands like Intuit, Siebel, and IBM has been appointed chief executive officer of FuturePay. He will be responsible for the company’s product and go-to-market strategies, and will oversee the company’s activities in engineering, sales, marketing, and partnerships.
“I am grateful to Ron and his talented team for giving me the opportunity to lead FuturePay and help establish the company as the leading provider of revolving credit solutions in the mid-market e-commerce space which is currently underserved,” said Harris. “FuturePay has proven technology and market acceptance with both merchants and borrowers. Our mission is to build upon this solid foundation and deliver an offering that addresses the evolving needs of merchants well into the future.”