Director of Credit Risk Management, Upgrade
$157-186k
Plus equity
3 days a week in office (Orange County, CA)
Offering responsible credit to mainstream consumers
Be an early applicant
Offering responsible credit to mainstream consumers
1001+ employees
Be an early applicant
$157-186k
Plus equity
3 days a week in office (Orange County, CA)
1001+ employees
Company mission
To help our customers move in the right direction with responsible financial products that put more money in their pocket.
Role
Who you are
- We are looking for new team members who get excited about designing and delivering new and better products to join a team of 1850 talented and dedicated professionals. Come work with us if you like to tackle big problems and make a meaningful difference in people's lives
- Must be a very hands-on manager and extremely detail-oriented
- The ideal candidate will possess deep, hands-on auto finance risk experience, specifically within the sub-prime and near-prime lending segments
- 10+ years of experience in a consumer credit risk role at a financial institution
- Bachelor’s degree required (preferably in Finance, Economics, Statistics, or a related field)
- Strong analytical mindset with a passion for solving complex, data-driven problems
- Ability to think strategically and tackle 'white space' problems with innovative solutions
- Advanced proficiency in SQL, Python, or R for data analysis and risk modeling
- Detail-oriented with a proven ability to interpret and present complex financial data in a clear and actionable manner
- Excellent communication and presentation skills, with the ability to engage diverse audiences, including senior management, investors, auditors, and regulators
- Proactive, self-driven, and thrives in a fast-paced environment
- Strong collaborator and team player who can work cross-functionally to achieve business goals
What the job involves
- We are seeking an experienced a Director of Credit Risk to develop and manage credit risk strategies to support Upgrade’s Indirect Auto Finance portfolio
- We are rapidly growing our business and are seeking an individual to help manage the processes, procedures and strategies required to accelerate our geographic expansion
- This will be a hybrid role and will require you to go into our Orange County office 3 times a week
- Identify potential issues and risks, particularly those unique to the sub/near prime segment, and develop analytical approaches, solutions, or credit risk strategies to answer business questions, mitigate risks, increase capture rates, and improve decision automation
- Understands uniqueness and complexities of the near/subprime borrower, product, dealer and collateral and has demonstrated the ability to develop strategies to manage these risks
- Collaborate closely with the Auto Production team to review and enhance Upgrade's underwriting practices (including auto/manual approval strategies, credit policy, procedures, and model use), specifically tailoring approaches for various sub-prime and near-prime risk tiers to achieve results within Upgrade's credit risk tolerance
- Design, implement, and optimize end-to-end credit strategies for sub-prime auto lending, covering origination, underwriting, portfolio management, and collections
- Monitor loan performance through hands on analysis with a deep dive into sub-prime vintage and segmentation performance
- Obtain subject matter expertise in internal and external data sources and ensure data integrity
- Ensure all strategy/policy changes are appropriately documented with proper approval(s) and work with engineering team through testing and implementation
Our take
Most credit cards don't encourage the owner to pay down their debt. The longer it takes to pay off the balance, the more money lenders are set to make. Upgrade is an online lender and card issuer doing things differently. The company offers personal loans and credit cards but with a fixed instalment structure and a set number of equal payments. This ensures the balance reduces every month.
The company believes this model reduces default rates, as borrowers are forced to pay down rather than maintain their debt, and it encourages a greater commitment to repay the balance. Further, by combining the ease of a Visa card with the fixed payments and decreased rates of a personal loan, Upgrade sets itself apart from competitors.
In 2021, Upgrade launched its mobile banking and debit card as a strategy to onboard new customers and increase loyalty. The fixed-rate nature of the company's cards is expected to be of use to customers in future years in an environment of rising rates. Upgrade also plans to expand beyond the U.S. in the future, which will represent new challenges for the business as it adapts to alternative regulations.
Kirsty
Company Specialist at Welcome to the Jungle
Insights
18% employee growth in 12 months
Company
Funding (last 2 of 5 rounds)
Nov 2021
$280m
SERIES F
Aug 2021
$105m
SERIES E
Total funding: $547m
Company benefits
- Stock option plan
- 100% paid coverage of medical, dental and vision insurance
- Flexible PTO
- Opportunities for professional growth and development
- Paid parental leave
- Health & wellness initiatives
Company HQ
Financial District, San Francisco, CA
Leadership
Renaud Laplanche
(Co-Founder & CEO)After an MBA at London Business School, Renaud spent 5 years as an Associate at Clearly Gottlieb Steen & Hamilton and co-founded MatchPoint. They then left Oracle after a year to co-found Lending Club in 2006 and co-founded Upgrade in August 2016.
Adelina Grozdanova
(Co-Founder & Head of Investor Group)Adelina started their career with 6 years at Morgan Stanley after a degree at Princeton. They left banking in 2012 to join Lending Club as VP, and after 3 years co-founded Upgrade, serving as Head of Investor Group since 2016.
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