Possible is a venture-backed consumer fintech company that radically reinvented small-dollar loans to make them more affordable and sustainable to help everyone improve their financial health. Building on that success, Possible is adding two additional product categories in our pursuit of making financial services more fair and affordable.

Possible Finance is seeking to build on the early success with their loan product by expanding into new states and products. As the firm has grown and continues to expand, they now need an experienced leader that can provide the necessary expertise to ensure the company can continue its mission to help customers while ensuring predictable and appropriate returns to investors. They are seeking an analytical, results-oriented, and data-driven Chief Credit Officer than can help them achieve this balance. Reporting to the CEO, this leader will sit on the executive leadership team and become the central point of responsibility for credit performance at the firm. This leader will help develop long-term growth strategies for the loan business that increase revenue, drive great customer outcomes, and build their customer base.

The CCO will own credit policies across the customer lifecycle for the existing loan product and ensure returns are meeting expectations, lead the credit development and launch strategy for the new products, design decision-making processes for strategy changes with credit impacts, design and execute on an agenda of continuous improvement, and educate the organization on the integrated impacts that decisions made in any part of the firm can have on impacting credit performance.

This leader will join Possible Finance at an opportune time, as the firm has built a product with high consumer demand and great customer feedback and established a track record of strong funding and investor support. A long runway remains ahead for the CCO to make a huge impact on the growing firm by building a world-class credit organization and defining how it works from the ground up.

This is a remote opportunity, and the candidate may reside anywhere in the United States.

Specific responsibilities include:

Own Credit Risk for Existing Loan Product

* Optimize risk, return and customer outcome tradeoffs through developing credit strategies across the various marketing channels, products and segments. Identify and implement opportunities to expand lending profitably.

* Oversee acquisitions underwriting policy including approve/decline, credit line assignment, pricing and term length. Differentiate credit policy for repeat customers. Develop prequalification process to determine which customers need banking validation.

* Test and evolve terms to optimize while remaining "on-mission" with regard to overall product design and features.

* Drive growth through higher approval rates, higher loan sizes and expanded target population while still maintaining cash collection targets.

Own Credit Risk for New Product

* Build acquisitions underwriting policy including approve/decline, credit line assignment and pricing.

* Build customer management programs to expand and deepen relationships with target customers, including credit line increases, product graduation and more.

* Develop programs to mitigate high risk customers and actions, such as credit line decreases, payment float, authorizations, etc.

* Guide launch strategy to appropriately balance growth and risk management.

Build Out Collections Recoveries and Fraud Capabilities

* Establish collections and recoveries strategies that balance effectiveness and customer experience, including contact strategy, workouts, tools, channels, customer support, agency usage, etc.

* Build and oversee fraud defense infrastructure including models, score cuts, tools, and more.

* Build digital capabilities wherever possible, developing customer journeys and appropriate use cases. Establish the appropriate end vision and build towards it.

* Assess the effectiveness of different treatment strategies for each segment over time and identify the need for new tools and offers.

Define Credit Decision Making Processes

* Establish processes in terms of how changes to credit strategy, policies and other decisions that impact credit quality should be made.

* Define and implement appropriate documentation and scenarios to be evaluated.

* Serve as Chair of credit committee. Define which decisions should be reviewed in committee vs. can be dispositioned outside it. Clarify decision making roles and responsibilities.

Build Tools and Insights that Enable Continuous Improvement

* Develop a learning agenda to be implemented over a multiyear time horizon that provides insights required to optimize the business within segments and over time. Identify appropriate uses for research, analysis and testing. Design and launch inmarket tests.

* Serve as the customer for predictive models, partnering with data scientists to ensure new and refit models are in place as needed to enable the business strategy.

* Lead regular strategy changes to respond to changes in the external environment, new initiatives, variances from expectations and other drivers.

* Identify other key elements of data infrastructure needed to manage and competitively differentiate the business, including acquiring, creating, and refining new data elements.

Manage and Forecast Lending Portfolio Performance

* Set portfolio performance goals, associated KPIs and manage against them. Ensure strong risk/reward tradeoffs.

* Define appropriate risk boundaries and risk appetite that will enable the business to assume a heavily growth-oriented approach that enables future learnings while still protecting against large negative outcomes under various scenarios.

* Forecast the overall lending portfolio performance, including development of loan loss reserves. Improve predictability of outcomes to meet expectations, incorporating the impacts of strategy changes, seasonality, macroeconomic and other external factors

* Design and implement effective performance monitoring and reporting for the portfolio that continuously assess the quality of new and existing loans. Identify emerging trends in portfolio performance and the competitive environment.

* Lead regular strategy changes to respond to changes in the external environment, new initiatives, variances from expectations and other drivers.

Build and lead a high-performing team

* Define the critical skills and competencies needed for success on the Risk team.

* Develop a roadmap to build the team over time, including when to hire in which areas at what levels. Attract and retain high-quality and diverse performers.

Candidates with Relevant Experience May Also Own Additional Functions and Teams Including:

* Operations for Collections, Recoveries, and/or Fraud.

* Data Science.

* Risk management of other categories including liquidity, compliance, operations, data, counterparty, etc

Professional Experience:

• Extensive experience in complex, data-driven problem solving.
• Credit Card or Personal Loan experience required, with a strong preference for both. Experience with additional loan products is a plus.
• Experience leading acquisition credit policy required. Strong preference for experience in additional components of the credit lifecycle including customer management, collections, recoveries and/or fraud.
• Unsecured subprime lending experience.
• Experience building, scaling and leading a credit organization, with the ability to deploy a thoughtful playbook.
• Experience with alternative data and cash flow underwriting.
• Experience in an environment with fully automated decisions.
• Proven track record in driving growth and innovation while managing portfolio performance and profitability.
• Formative experience at an institution that utilizes advanced analytics to drive decisions and manage revenue and risk tradeoffs.
• Experience in a start-up environment.

About Possible:

We are a fast-growing, fully distributed, FinTech startup that believes financial health is something everyone deserves, not just the affluent. We're committed to empowering the underserved with tools to better their economic situation. We promise to be transparent, serve with kindness, be responsible, and hold ourselves accountable for crafting positive change. Possible is backed by leading investors such as Union Square Ventures, Canvas Ventures, and FJ Labs.

Work hours:

Possible is fully distributed and has team members across the US and in Asia and Latin America. Our primary coordination hours are 9a to 3p Pacific Time.

Benefits (for US-based employees):

Joining an early-stage, venture-backed company does not mean you will sacrifice benefits. We offer excellent medical, dental, and vision coverage and pay 85% of employee premiums and 50% of eligible dependent premiums. We also offer childcare and healthcare FSAs; life and disability (short- and long-term) insurance; an Employee Assistant Program; and a 401(k) plan.

Diverse, Equitable, & Inclusive Work Environment:

Possible Finance values inclusion and believes diversity at all levels is the best way for us to accomplish our mission. We aspire to be among the industry’s most inclusive work environments and are a proud equal opportunity employer. All aspects of employment including the decision to hire, promote, discipline, or discharge, will be based on merit, competence, performance, and business needs. We do not discriminate on the basis of any status protected under federal, state, or local law.