Consumer Finance and Fintech Veteran Brings Capital Market Expertise to Support Growth and Scale
San Francisco – June 21, 2016 – Spruce Finance Inc. (“Spruce”), a provider of consumer financing for residential solar and home efficiency improvements in the U.S., has hired Darren Thompson as chief financial officer. In this role, he is responsible for Spruce’s capital markets strategy, accounting, control and risk management, and corporate finance activities, and will report to CEO Nat Kreamer.
“Darren’s long experience at technology-enabled consumer finance companies is a perfect fit for Spruce,” said Kreamer. “His familiarity with the capital markets and expertise managing rapidly scaling organizations will be invaluable as we continue to profitably grow our business.”
Thompson brings more than 25 years of financial services industry experience to Spruce. He has held executive positions at consumer finance, financial technology, real estate and mortgage companies. Most recently, he served as CFO and executive vice president of strategy at B2R Finance, a technology-enabled lending platform. Previously, he was the CFO at RevolutionMoney, a fintech and payments company bought by American Express in 2010. Thompson also served as the senior vice president and head of Fannie Mae’s Credit Finance Business, where he had direct responsibility for the credit performance of the guarantee business (at the time, the largest portfolio of single asset risk in the world at $2 trillion), until 2005. Prior to Fannie, he was a managing director at Goldman Sachs and a principal at Morgan Stanley, where he raised over $30 billion in high yield and loan capital for more than 200 companies.
“I look forward to using my capital markets expertise to support an exciting growth-stage company,” said Thompson. “Spruce’s diverse products and businesses, unique channel model and careful underwriting and compliance standards position it to succeed in an expanding and important industry. My focus will be to build on Spruce’s impressive capital platform and help the company continue to diversify its capital relationships and sources of scalable, low-cost financing.”
In addition to his corporate experience, Thompson has served the White House Fellows Program as a regional judge, is a sought-after speaker on global capital markets and entrepreneurial management, and has guest lectured at The Johnson School of Business at Cornell University, and George Washington University’s graduate economics program. He serves on the board for three public mutual funds for Avenue Capital and as a Trustee for the Sidwell Friends School in Washington, DC. Thompson holds a BS with honors in biochemistry from Harvard and an MBA from Harvard Business School.
Spruce™ empowers people to improve their environments. Our national network of verified channel and contractor partners offer homeowners Spruce financing for residential solar systems and home efficiency improvements that help them reduce their total utility spend on power, water, and heating and cooling. A private company headquartered in San Francisco, Spruce has raised more than $2BN to date and served more than 50,000 homeowners in all 50 states and Washington, DC. To learn more about the company, visit www.sprucefinance.com.