Oodle Car Finance has appointed Andrew Lawson as chief product officer, following the firm’s recent closure of its first asset-backed securitisation (ABS), worth £350m.
Lawson joins Oodle from peer-to-peer lender Zopa, where he has held the position of chief product officer for the past five years. He was responsible for business growth across lending and investing, including the origination and performance of unsecured and secured loans.
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Prior to that, he held several senior positions at Oliver Wyman, Capital One Bank and Experian, specialising in driving data driven customer value growth across consumer businesses.
Jonny Clayton, founder and chief executive of Oodle Car Finance, said that Lawson has joined the firm at an exciting time in its development. “His experience will enable us to continue to advance and build a world class customer proposition that support our dealer partners respond to changing retail demands and opportunities.
“We continue to build on the success and market penetration achieved since our launch three years ago. We’re on our way to achieving £1bn of total lending now and our hyper-growth business continues its investment in our proprietary technology platform, to position at the forefront of driving change and our mission to make car buying and ownership simple and accessible to all.”
Commenting on his appointment, Lawson said: “I’ve had some great career highlights so far – including growing Zopa from £20m lending per month to profitability and becoming the UK’s largest online open market lender, with more than £100m lending per month.
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By GlobalData“I’m ready for a new challenge though and Oodle Car Finance is in a great position to experience real growth trajectory in their mission to make car buying a 21st century experience. They’ve funded £660m of car finance to more than 50,000 UK customers in the last 3 years and in the last 12 months alone, applications have increased by 330 percent – a phenomenal achievement.”
Last month the company closed its first ABS, with the transaction drawing support from 14 European and international bond investors.
At the time, Clayton said: “This securitisation is a game-changing milestone for Oodle, allowing us to drive our ambitious plans further forward and with the customer at the heart.
“A diversified funding base unlocks huge potential for our growth plans. It means more tech innovation and increased market collaboration.”
