Mission Lane, a Richmond, Va., consumer fintech company, has replaced its CEO after raising more capital.
The company said in a press release that Brandon Black, who joined its board in 2019, is its new leader. He succeeded Shane Holdaway, who will serve as a special adviser.
Black once was CEO of Encore Capital Group. Before that, he was at Capital One when it was spun off from Signet Bank.
Separately, Mission Lane said it closed on additional funding from Invus Opportunities and QED Investors. It did not disclose how much it raised.
“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,” Black said in the release.
“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,” Black added.
Mission Lane, spun off from LendUp’s credit card business in 2018, leverages advanced technology, data analytics and machine learning to help people build or rebuild their credit. The company has raised more than $600 million since the spin off.