NEW YORK, May 26, 2016 /PRNewswire/ --
Backed Inc., an online lending platform for personal loans, announced today that Tal Yatsiv has been named Chief Executive Officer.
Backed's Board of Directors appointed Mr. Yatsiv, formerly in leadership positions as CEO of Aniboom and as a Vice President at J.P. Morgan, to lead the company's market penetration strategy as it aims to become a prominent lender in the U.S. market and grow into a household name.
"I've been truly impressed by the team and its accomplishments, particularly from a technology and product perspective," said Yatsiv. "Backed's core principles emphasize innovation, while never at the expense of strong operational controls, stringent risk management, and transparency. I believe we have all of the right pieces in place to win borrowers' and lenders' trust, which has never been more relevant."
Backed has a unique differentiator that allows borrowers to add a co-signer (called a Backer) to their loan application to help them qualify for the loan or reduce their rate. The Company does so by underwriting the loan jointly for the borrower and Backer, then passing the benefit of the reduced risk of default onto the borrower and providing additional protection for the Backer beyond the scope of traditional co-signing. "Our patent-pending 'Backing' mechanism re-invents co-signing and will give our borrowers, including the unscored, an opportunity to get the loans they deserve," said Yatsiv.
"We are delighted to have Tal join Backed as CEO," said Kfir Moyal, Co-Founder and Chairman of Backed, and General Partner of Cyhawk Ventures. "He has a rich management experience and diverse background that will allow him to successfully lead the company to quickly adapt and react to the evolving and growing alternative lending industry."
In the months ahead, Backed will focus on market penetration, including raising capital and expanding its offering to additional states, so that more Americans can receive a fair loan to help them consolidate debt, pay for home improvement, large purchases and more - all while building their credit score.
Backed is an innovative online lending company offering borrowers easier access to a fair loan, through our fully automated and user-friendly process. With our unique proprietary risk model, Backed is the only platform that enables borrowers to add a Backer (co-signer reinvented) to a loan in order to receive a discounted APR or to assist them to qualify for the loan. This optional feature allows us to offer unmatched rates and to qualify more borrowers than any other existing platform, while significantly reducing the risk of default. Backed offers 1, 2, and 3-year unsecured personal loans for diverse purposes, ranging from $3,000-$25,000 and with APRs as low as 2.9%. Currently, Backed loans are available in New York, New Jersey, Arkansas, West Virginia, and Florida. For more information, visit us at http://www.backedinc.com .
Contact: Katie Kalis
SOURCE Backed Inc.