NEW YORK, Dec. 3, 2015 /PRNewswire/ -- Herio Capital, a financial technology company, announced today that Sonny Cheng has joined the company's leadership team as its Chief Financial Officer. Previously a key executive in Goldman Sach's Prime Brokerage and Fund Administration groups, Cheng brings 19 years of institutional experience in accounting, business development, client service, financial reporting, operations, and product management to Herio.
At Goldman, Cheng advised hedge fund clients with their accounting, financing, investor reporting, and operational needs. He oversaw the buildout and development of a middle office support and reporting technology platform for the Fund Administration group, which grew to over $25 million in annual revenue under his direction, and accounted for approximately 20% of overall Fund Administration revenue. In 2012, Goldman sold the Fund Administration business to State Street for $500 million. Following the sale, he was retained at State Street as a Managing Director in the Alternative Investment Solutions division, where he managed a seamless transition for clients as well as for the internal team. Cheng began his career at Ernst & Young, where he audited broker-dealers, mutual funds, and hedge funds.
"We are pleased to cap our successful 2015 by bringing a veteran like Sonny on board as CFO," said Sherif Hassan, Founder and Managing Partner. "At a time when traditional banking institutions are increasingly entering the FinTech space, Sonny's leadership, management expertise, and strategic insight will position Herio well for further growth in the new year."
"Herio is at the forefront of a rapidly transforming industry, and I am excited to join the team at this pivotal time in the company's growth," said Cheng. "Our team is providing small businesses with access to working capital online faster than ever. I am looking forward to building the future of credit technology together."
Since its public launch at the April 2015 LendIt conference in New York City, the Herio team has originated over $16 million to small businesses and doubled its internal staff.
About Herio Capital:
Herio Capital is a financial technology platform focused on providing loans to small businesses. By using the right mix of automation and human insight, Herio provides business owners with working capital in as little as 48 hours.
The founding team at Herio has funded over $1.5 billion in loans to more than 10,000 small businesses in 700 industries. For more information, visit Herio Capital online at www.heriocapital.com.
SOURCE Herio Capital