ABN AMRO’s business finance fintech New10 loses CTO
New10, the business financing fintech founded by ABN AMRO, has lost its chief technology officer (CTO).
Jaap Boersma worked at ABN AMRO for 14 years, before co-founding New10 in 2016.New10 promises businesses financing of €5,000 to €1 million in just 15 minutes. Its interest rates range from 3.2% – 9.2% each year.
FinTech Futures approached ABN AMRO to understand who will fill the CTO role next, and whether the change in leadership will affect New10’s technology strategy.
ABN have not yet to responded at the time of writing.
Evolution of New10
From co-founding New10 in 2016, Boersma helped build the team to 110 employees.
It opened for business in September 2017, taking nine months to build. It sits on Mambu’s Software-as-a-Service (SaaS) engine.
“We knew we had to start innovating a fully digital lending process,” Patrick Pfaff, ABN AMRO’S commercial banking director for clients, told Fast Company in January.
New10 was always designed to operate like a start-up. Rather than as a continuously monitored subsidiary of ABN AMRO. That’s why Pfaff built a dedicated team including Boersma and relocated offices away from corporate headquarters.
“One of the mistakes we made is [hiring] some people that weren’t good fits on the team, and it took us too long to take action to correct that,” Pfaff told Fast Company.
Having relocated and filtered out any bad hires, New10 stood in a strong position as of January this year.
Pfaff noted that the bank had become the top online lender in the Netherlands, and that the bulk of its lending clients have come from other banks.
Boersma’s parting words
“Together we’ve helped to accelerate many Dutch entrepreneurs through digital and effortless financing,” Boersma says on LinkedIn.
“[We’ve] allowed them to make a positive impact to society, and firmly cemented the digital lending category in the Netherlands along the way.
“I am immensely proud of what New10 has become and has achieved.”
Boersma is starting another role at a ground-up venture this month. Though he has not disclosed the identity of the start-up yet.