Rob Finnegan
Fresh off a $10 million capital raise and in the midst of nationwide expansion, a Henrico-based consumer finance firm is shuffling its executive ranks.
West Creek Financial has swapped out founding CEO Boomer Muth in favor of founding board member and shareholder Rob Finnegan. The change was made Aug. 1.
Muth, formerly with Capital One, founded West Creek Financial in 2014 with Finnegan and one unnamed partner to provide lease-to-own financing for furniture, mattress and appliance retailers. Muth is now the company’s president and chief risk officer.
Finnegan is a UVA alum who also spent time at Capital One, including in its decision sciences department.
“(Finnegan) is probably one of the foremost subprime credit experts in the country,” Muth said, adding that the change likely will help the company as it continues to attract investor dollars.
Muth in his new role will focus on management of credit, fraud and compliance risk.
“We’ve seen pretty aggressive growth over the last three years,” he said. “One of our biggest challenges is ensuring that we manage our risk well.
“Our biggest challenge is ensuring that this exponential growth continues.”
The company’s products are used in more than 1,400 retail locations nationwide. It has 48 employees, most of whom work out of its headquarters at 4951 Lake Brook Drive in Innsbrook.
Its $10 million capital raise that closed earlier this summer was its second multimillion-dollar haul in a year. In summer 2016 it completed a $3.5 million raise from institutional and angel investors. Soon after, it secured a $25 million revolving credit line to dole out to new consumers.
Its latest capital raise is aimed at developing in-house technology for managing risk and user interfaces for retailers and consumers, including the approval process for financing plans.
Rob Finnegan
Fresh off a $10 million capital raise and in the midst of nationwide expansion, a Henrico-based consumer finance firm is shuffling its executive ranks.
West Creek Financial has swapped out founding CEO Boomer Muth in favor of founding board member and shareholder Rob Finnegan. The change was made Aug. 1.
Muth, formerly with Capital One, founded West Creek Financial in 2014 with Finnegan and one unnamed partner to provide lease-to-own financing for furniture, mattress and appliance retailers. Muth is now the company’s president and chief risk officer.
Finnegan is a UVA alum who also spent time at Capital One, including in its decision sciences department.
“(Finnegan) is probably one of the foremost subprime credit experts in the country,” Muth said, adding that the change likely will help the company as it continues to attract investor dollars.
Muth in his new role will focus on management of credit, fraud and compliance risk.
“We’ve seen pretty aggressive growth over the last three years,” he said. “One of our biggest challenges is ensuring that we manage our risk well.
“Our biggest challenge is ensuring that this exponential growth continues.”
The company’s products are used in more than 1,400 retail locations nationwide. It has 48 employees, most of whom work out of its headquarters at 4951 Lake Brook Drive in Innsbrook.
Its $10 million capital raise that closed earlier this summer was its second multimillion-dollar haul in a year. In summer 2016 it completed a $3.5 million raise from institutional and angel investors. Soon after, it secured a $25 million revolving credit line to dole out to new consumers.
Its latest capital raise is aimed at developing in-house technology for managing risk and user interfaces for retailers and consumers, including the approval process for financing plans.