25 November 2015


Paul Penrose - Finextra

307Posts 1,239,158Views 243Comments

Where are they now?

Tracking familiar names and faces from fintec, who may have either moved onto new arenas, or simply come back into the fold with a new logo on their business card.

Object reference not set to an instance of an object.

13 June 2007  |  5160 views  |  0

Chip Mahan, who stepped down from the post of CEO and chairman of Internet banking vendor S1 in October last year, is setting up a new specialist lending business in Wilmington, North Carolina. Live Oak Banking is on track to receive its charter in July and could open its doors for business within six months. The niche bank will focus on business lending to vets, kennels and children's day care operations.

Those with long memories will remember Chip Mahan as the driving force behind Security First Network Bank, arguably the world’s first stand-alone Internet banking operation. SFNB didn’t last the course and its banking assets – comprising a meagre $55 million in desposits – were eventually snapped up by Royal Bank of Canada for $13 million. The bank had been valued at $48.8 million at its IPO in 1996, but turned in total losses of $50 million in the two years following the flotation. The bank’s technology subsidiary, Security First Technologies, was spun off as a separate entity under the S1 brand with Chip at the helm.  

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Latest posts from Paul

ANZ and Visa lose the plot

30 June 2011  |  5996 views  |  0  |  Recommends 0 TagsMobile & onlineRetail banking

Don't give up the day job...ever

20 May 2010  |  5288 views  |  0  |  Recommends 0 TagsTrade executionWholesale bankingGroupWhatever...

Now we are ten

19 April 2010  |  5721 views  |  3  |  Recommends 0 TagsRetail bankingWholesale banking

Finextra's Best of the Web

05 March 2010  |  5203 views  |  1  |  Recommends 0 TagsRetail bankingWholesale banking

The ATM was the last great financial innovation

25 February 2010  |  8837 views  |  8  |  Recommends 0 TagsRetail bankingWholesale bankingGroupFinance 2.0

Paul's profile

job title Head of Research
location London
member since 2007
Summary profile See full profile »
I'm responsible for editorial content and quality control across the full range of Finextra media.

Paul's expertise

Who's commenting on Paul's posts