We are excited to announce that Neuberger Berman has led a strategic investment of CDN $2.1 million in IOU Financial. Fintech Ventures Fund participated in the financing.
IOU Financial and Neuberger Berman have also entered into a Loan Purchase Agreement of up to US $150 million per year.
As part of Neuberger Berman’s investment, Neil Wolfson will join IOU Financial’s Board of Directors.
IOU Financial’s CEO, Phil Marleau commented on the partnership with Neuberger, saying:
"This investment by a Neuberger Berman managed fund represents a strong vote of confidence in the fundamental, long-term value of our business, and is a testament to IOU's loan origination and servicing capabilities in addition to its capital markets capabilities"
About Neuberger Berman:
Neuberger Berman is a private, 100% independent, employee-owned investment manager. From offices in 35 cities worldwide, the firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds— on behalf of institutions, advisors and individual investors globally. With approximately 2,300 employees, Neuberger Berman has built a diverse team of individuals united in their commitment to delivering compelling investment results for our clients over the long term. That commitment includes active consideration of environmental, social and governance factors. The firm managed $357 billion in client assets as of June 30, 2020. For more information, please visit our website.
About Neil Wolfson:
Neil brings significant industry-specific corporate governance experience to IOU, as he was the longest-serving board director for On Deck Capital, Inc., a recently acquired competitor to IOU. He is currently an active investor in, and board member for, numerous fintech companies.
In addition to his corporate governance experience, Neil brings over twenty-five years of corporate leadership and investment management experience to IOU as a former President and Chief Investment Officer at both SF Capital Group, a multi-generational single-family office, and Wilmington Trust Investment Management, a US$40 billion investment manager. He was also previously a Partner at KPMG LLP and National Partner in Charge of KPMG's investment consulting practice. Prior thereto, he spent over a decade at Kidder, Peabody & Co.
Press Release:
PR Newswire - “IOU Financial Announces Loan Purchase Agreement with Neuberger Berman Fund, Private Placement and Appointment of New Director”