Peer-to-peer lending platform backer Varengold Bank has promoted Kai Friedrichs from chief operations officer to general representative.
Friedrichs (pictured) is a trained mechanical engineer for automation and system technology who has spent the last 10 years at the bank in various roles including trading officer, compliance officer, chief compliance officer and chief operations officer.
He will take up his new role of general representative from 1 January next year.
Since the beginning of 2019, Friedrichs has served as chief operations officer of Varengold Bank with the responsibility for the areas of operations, people and culture, regulatory reporting, organisation and IT.
“In recent years, Kai Friedrichs had a key role in enabling us to consistently exploit the opportunities offered by digitalisation,” said Dr Bernhard Fuhrmann from the management board of directors at Varengold Bank.
“Today the main business processes of the bank are digitised and largely automated. In particular, the efficient and agile processes at Varengold distinguish the institute from many other financial service providers and make it a strong partner for fintechs, especially in the marketplace banking sector.
“Kai Friedrichs also took a leading role in the development and implementation of our new work concept over the past two years. As a central manager, he is an essential key developer of our corporate culture.”
“I am delighted to be part of such a motivated and dynamic team,” said Friedrichs.
“We don’t wait, we actively co-create the current change and thus the banking of the future.”
Varengold Bank has funding agreements with a number of alternative lending platforms including EstateGuru, Assetz Capital, MarketFinance and LendInvest.
Last month, the bank pledged to continue partnering with fintechs after its latest financial statement revealed that it had increased its market capitalisation and earnings.