Atlanta-based fintech Momnt has a new CEO.
Chris Bracken, who has served as the startup’s Chief Revenue Officer since 2020, has taken on the top executive seat. Co-founder and Momnt’s first CEO Barclay Keith will step in as a Special Advisor to the Board.
Founded shortly before the COVID pandemic, Momnt’s point-of-need lending platform gained quick traction in the world of consumer-focused fintechs. The team raised a $15 million Series C in fall of 2023 and counts Fintech Ventures Fund, Yamaha Motor Ventures, Rockefeller Asset Management, Saluda Grade, and TruStage as its investors. Its main merchant customers are in the home improvement and healthcare space as the platform allows for companies to incorporate financing into their sales process.
Momnt has 3,000 merchants signed up on the platform and has originated $800 million in loans, according to the startup’s website. Its co-founders bring a breath of experience across the consumer finance space. Co-founder and COO Lena McDearmid was previously the Director of Product Management at GreenSky, an Atlanta-based fintech that went public in 2018 that was acquired and then subsequently divested by Goldman Sachs.
Keith served as GreenSky’s Director of Analytics from 2016 to 2018.
Shortly after the CEO announcement, Bracken took a “moment” away from his responsibilities running Momnt to catch up with Hypepotamus. In this Q&A, Bracken gave us the scoop on where Momnt is heading next and how he balances his life as a startup executive.
Here is what we learned through our Q&A:
QUESTION: In the early days of your time as Chief Revenue Officer, did the pandemic change anything about Momnt’s business?
Launching the business during the pandemic necessitated swift adaptation to remote work and required us to build a flexible and adaptable business, which became a core part of our DNA. Navigating through the pandemic’s challenges, and learning lessons along the way, has undoubtedly helped us as multiple macroeconomic challenges have arisen.
* What is it about Momnt / Momnt’s team that most attracted you to the company at first?
I was captivated by Momnt’s visionary mission and the dynamic energy of its co-founders. They were incredibly welcoming, allowing me to integrate and contribute from day one. What truly stands out is the collective drive and intelligence of our team, united by a shared commitment to revolutionizing the moment-of-need lending space.
* At a high level, how would you describe the state of fintechs in 2024?
The fintech landscape in 2024 is undeniably challenging, primarily due to the end of the Zero Interest Rate Policy (ZIRP) era combined with the heightened, and much-needed, regulatory scrutiny that has been placed on the fintech space. This shift has compelled many fintechs to reevaluate their business models and focus on sustainable profitability. However, this period of introspection and adjustment presents a unique opportunity for resilient companies. Those who navigate these changes effectively are poised to emerge stronger, drawing parallels to past cycles where similar adversity bred industry leaders.
* What do you think about your Momnt platform that helps you stand out in the fintech space?
Momnt distinguishes itself by acting as the infrastructure that powers moment-of-need financial services. Our platform creates an ecosystem where merchants increase revenue, financial institutions attract new customers, and consumers access financing for the investments that matter most to them. Merchants and consumers greatly appreciate how quickly and easily they can apply and complete transactions. Our approach generates a virtuous cycle of benefits that uniquely positions us in the market.
* As you step into the CEO seat, what are your first priority items?
My initial priority is on continuing the exceptional work already underway, led by our talented leadership team and dedicated employees. We are on the cusp of an exciting growth phase, and my focus will be on leveraging our strong foundation to scale our operations and enhance our platform’s capabilities.
* The startup CEO position can easily be a 24/7 job. What do you do outside of work to recharge?
The majority of my waking hours outside of work are spent at swim meets, soccer games, golf tournaments, or making seemingly endless Costco runs to keep up with our three boys’ appetites! I love watching them compete, thrive, and have fun, and it provides a great respite from the challenges of the job.