Fintech Herio Capital has taken on a former Goldman Sachs executive as its CFO.
Sonny Cheng brings with him 19 years of institutional experience in accounting, business development, client service, financial reporting, operations, and product management. Lately he’s been a major player in Goldman Sach’s Prime Brokerage and Fund Administration groups, says Herio.
They also say that at Goldman, he advised hedge fund clients with their accounting, financing, investor reporting, and operational needs. And, not content with that, he oversaw the buildout and development of a middle office support and reporting technology platform for the Fund Administration group, which grew to over $25 million in annual revenue under his direction, and accounted for approximately 20% of overall Fund Administration revenue. He can trace his early career back to Ernst & Young, where he audited broker-dealers, mutual funds, and hedge funds.
At least he’ll understand what working late means. Goldman Sachs people don’t tend to go home that often.
Founder and Managing Partner Sherif Hassan said: “We are pleased to cap our successful 2015 by bringing a veteran like Sonny on board as CFO. At a time when traditional banking institutions are increasingly entering the FinTech space, Sonny’s leadership, management expertise, and strategic insight will position Herio well for further growth in the new year.
“Herio is at the forefront of a rapidly transforming industry, and I am excited to join the team at this pivotal time in the company’s growth,” said Cheng. “Our team is providing small businesses with access to working capital online faster than ever. I am looking forward to building the future of credit technology together.”
So far, Herio has coughed up over $16m for small businesses – haven’t they done well.