Richmond fintech Mission Lane has named Brandon Black is new chief executive — and it’s received another shot of funding from existing investors.
Black, an early Capital One Financial Corp. unit leader, has served on Mission Lane’s board since 2019. He previously worked as chief operating officer and CEO across a 13-year tenure at San Diego debt buyer Encore Capital Group.
He replaces Shane Holdaway, who served as CEO since July 2019. Holdaway will stay on with Mission Lane as a special adviser to Black and the company said he remains a significant shareholder. Holdaway is also transitioning to a new role as operating partner at New York City venture capital firm Invus Opportunities, where he will evaluate new investments. Invus is Mission Lane’s largest shareholder.
Mission Lane also said it has closed on additional funding from Invus and QED Investors, an Alexandria venture capital firm led by Capital One co-founder Nigel Morris. The amount of funding was not disclosed. Morris is a co-founder of Mission Lane and chair of its board.
“After a decade of methodical investment that goes back to Mission Lane’s pre-spinoff days, the company has now reached an inflection point in its scale and profitability,” Morris said in a statement. “Brandon and I worked side-by-side to scale Capital One, and he has only grown as a leader since then. He is the perfect person to take the baton from Shane and shepherd Mission Lane’s next growth stage.”
Mission Lane provides financial services aimed at those who look to build or rebuild their credit scores. It says it has served more than 3 million customers and built a portfolio of more than $2 billion. It has raised more than $600 million in investment funding since its founding.
The company spun off from San Francisco fintech LendUp in 2018. It moved its headquarters to Richmond in 2020.