Powered by MOMENTUM MEDIA
the adviser logo
Lender

Former EFTPOS CEO to join Plenti board

by Sam Nichols5 minute read

The lending group has named its next non-executive director, announcing that Stephen Benton will be joining the group from next month.

According to Plenti Group Limited (Plenti), Stephen Benton is expected to commence his role as independent non-executive director from 1 July.

To continue reading the rest of this article, create a free account
Already have an account? Sign in

Prior to joining the fintech lending group, Mr Benton spent three decades in the financial services sector, including consumer lending, product development and debt collection. 

His most recent position was with EFTPOS, where he served as chief executive and managing director of the payment service from 2018 to 2022. 

Advertisement
Advertisement

This itself was preceded by an almost-five-year tenure with Westpac, where Mr Benton served as head of consumer finance, emerging business and payments. 

From 2010 to 2013, Mr Benton was the general manager product and pricing and the head of customer and product with non-major bank Bankwest. 

Mr Benton has also previously served as the chair of comparison site InfoChoice Limited and investment company Once Private Group. 

The incoming director was also the managing director of collection services with debt collector outfit Baycorp Advantage from 2004 to 2006. 

Speaking of Plenti’s incoming addition, chairman Mary Ploughman said Mr Benton’s experience will be valuable for the group. 

“We are delighted to welcome Stephen to Plenti’s board. Stephen is an accomplished director and executive with significant expertise across many important facets of financial services,” Ms Ploughman said. 

“Stephen’s experience will be valuable as Plenti continues to execute on its strategic priorities.” 

Earlier this month, Plenti announced it had priced its asset-backed securities (ABS) transaction covering automotive receivables Plenti Auto at $437 million.

The group’s inaugural ABS transaction came less than one year earlier in August, where it issued $306.3 million of notes to investors backed by secured automotive loan receivables.

In April, the lender confirmed its automotive division experienced a 151 per cent boost in originations year-on-year, hitting $203 million in the three months to March.

The division also reported that its loan portfolio surged by 182 per cent year-on-year to hit $745 million over the same period. 

The same figures also suggested that Plenti’s loan portfolio reached $1.3 billion during the March quarter. 

Speaking of these results, Plenti chief executive Daniel Foggo commented that the group is focused on leveraging its technology to “execute our program of product innovation and efficiency initiatives, whilst continuing to profitability take market share in each of our three key lending verticals”.

Late last year, Plenti flagged its ambitions to hit a $5 billion loan book, noting that brokers will play a key role in this pursuit.

[Related: Plenti prices ABS transaction]

Former EFTPOS CEO to join Plenti board
stephen benton ta
TheAdviser logo
stephen benton ta

Sam Nichols

Sam Nichols

AUTHOR

Sam Nichols is a journalist at The Adviser and Mortgage Business. His reporting has featured in a range of outlets including ABC News, SBS' The Feed, and VICE.

JOIN THE DISCUSSION

You need to be a member to post comments. Register for free today

MORE FROM THE ADVISER

sam jolley elders ta iwsfut

Elders welcomes 1st national growth and asset finance manager

Elders Home and Commercial Finance, the independent broking arm aligned with the real estate network of Elders Ltd,...

READ MORE
rael ross butn ta rerexr

Butn achieves record originations in July

Cash flow financier Butn has released a trading update, revealing that its 2023 financial year commenced with a new...

READ MORE
daniel tuttlebee resimac asset fInance ta l27zun

Resimac takes controlling stake in Sonder

Resimac Asset Finance has expanded its acquisition stake in equipment finance business Sonder Equipment Finance...

READ MORE
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more