SEATTLE, Nov. 4, 2021 /PRNewswire/ -- DigniFi, a leading fintech platform for the automotive industry, today announced that Neeraj Mehta has been named Chief Executive Officer, replacing Richard Counihan whose guidance and expertise were instrumental in significantly growing the company during his five-year tenure by expanding to 32 states, launching a revolving line of credit program with WebBank called DigniFi ExpressWay, and cementing a partnership with industry giant AutoNation.
Richard Counihan will support Neeraj Mehta and continue serving DigniFi by taking a seat on its board of directors.
Mehta, who helped lead the spinoff of Synchrony from GE Capital, joins DigniFi with an outstanding track record in consumer fintech, payment solutions, and nonprofit leadership. He will build upon DigniFi's mission of delivering access to financing for consumers in need and revenue growth to small businesses.
"Neeraj has significant domain expertise in the industries that fuel DigniFi's mission and strategy," said Lanham Napier, co-founder and CEO of BuildGroup, DigniFi's lead investor. "Under his leadership, DigniFi has the potential to become a multifaceted fintech platform that aligns the interests of consumers, businesses, and lenders. We have tremendous respect for Neeraj's accomplishments and value the experience he brings to DigniFi."
A results-focused chief executive with vast financial services experience, Mehta is best known for his work at GE Capital and Synchrony. After serving as CEO of GE Bank Loans (2007-2012) and Commercial Distribution Finance (2012-2015), Mehta joined the executive team that separated Synchrony from GE Capital with a $20B IPO in 2015.
As EVP of Corporate Strategy and Development for Synchrony, Mehta launched key digital products and point-of-sale initiatives and completed two acquisitions, plus 10 venture investments, to drive growth. Later, as CEO of Payment Solutions and Chief Commercial Officer (2018-2021), he was responsible for an approximately $20B consumer finance portfolio that represented close to $500M in net income.
Mehta comes to DigniFi from United Way, where he served as Interim President and CEO, focused on strengthening the culture and digitizing its service model to drive community impact. Neeraj has had a long association with United Way, serving as a volunteer, donor, and corporate campaign chair while also serving on the Metropolitan Chicago Board of Directors, the Worldwide Board of Trustees, and the USA Board of Trustees.
Mehta earned his Master's degree in Finance and Banking at Syracuse University and a Bachelor's in Social Sciences at the University of California, Irvine. In addition to serving on several for-profit startup boards, Mehta is a member of the Advisory Board at Teach for America and a partner of the Acumen Fund, a global nonprofit that supports third-world entrepreneurs.
"DigniFi's investors, executives, and partners are dedicated to the critical combination of taking care of our customers and driving growth. I was enthralled by this opportunity to join a thoughtful team that reflects the diversity of the communities it serves." said Mehta. "DigniFi is meeting a deep need among underserved consumers and small businesses that are often overlooked. DigniFi has the technology, talent, and vision to ethically provide access to funding for consumers' critical purchases. Leading a mission-driven company in the fintech and automotive industries aligns with my values, experience, and skillset."
DigniFi is a platform company that connects consumers to financing that can be used for auto repairs, parts and accessories, warranty, and maintenance packages, and more. The automated, contactless process serves up financial products through the point of sale at auto dealerships and independent repair shops. All credit products are originated by WebBank. To date, DigniFi has helped consumers access almost $200 million USD in financing through partnerships with over 6,000 vehicle service centers across the nation. For more information, visit DigniFi.com.