Jared Weitz Of United Capital Source On 5 Things You Need To Be A Highly Effective C-Level Leader Of A Fintech Company
An Interview With Kieran Powell
Hungry to learn daily: The industry is constantly evolving. This isn’t a sector where you can sit back and rest on your laurels. Succeeding in the fintech or business financing space requires a genuine desire to learn continuously, driven by natural curiosity and a learner’s mindset.
The fintech industry is rapidly evolving, blending technology and finance in innovative ways. This evolution demands leaders who are not only tech-savvy but also adept at navigating the unique challenges of the financial sector. Effective leadership in this dynamic environment is crucial for success. What does it take to excel as a C-Level leader in a fintech company? What are the skills, mindsets, and strategies required to lead a fintech organization to new heights? As part of this series, we had the pleasure of interviewing Jared Weitz.
Jared Weitz is the CEO and founder of United Capital Source (UCS), one of the fastest-growing business financing brokerages in the nation. Jared entered the finance world as an underwriter and quickly grew in the ranks. Once joining the business financing industry, he knew he’d found his calling. Jared believes every company deserves the opportunity to expand to its highest potential and is committed to supporting that cause.
In 2011, UCS was founded, a technology-enabled sales and marketing engine facilitating over 1.3 billion dollars to over 33,000 businesses nationwide. Through this work, Jared won the National Commercial Loan Broker of the Year award in 2019, and UCS has been on the Inc5000 list twice, in 2015 and 2017. In 2022, UCS expanded its physical office presence to South Florida.
Integrity comes first for Jared and is the root of his dedication to providing honest and straightforward services. More than a decade later, the firm’s culture has helped retain its original management team. When hiring talent, youth is not a liability for Jared, and he invests as much in his employees’ career growth as he does in his business.
Through his years as a business owner, Jared gained a great deal of knowledge that he is committed to sharing with young entrepreneurs and business owners. Jared has since been featured in many publications, including Forbes and Inc, providing financial and business advice. Jared is also the Broker Council Chairman for the Small Business Finance Association (SBFA), a non-profit dedicated to ensuring small businesses have access to the capital needed to grow and strengthen the economy, and Board Member for NSBA, Forbes Finance Council, and YEC. Every month, he donates a portion of all proceeds from his company to charities doing meaningful work locally on Long Island and worldwide.
Thank you so much for your time! I know that you are a very busy person. Our readers would love to “get to know you” a bit better. Can you tell us a bit about your ‘backstory’ and how you got started?
I cut my teeth in 2006 as an Underwriter at a subprime Lender. That position gave me insight into how the business works. From there, I had the opportunity to move into other divisions and learn more about the industry and client needs. I eventually started an inside sales division. Then, I sold my shares back to the sub-prime Lender at the end of 2010 to start my company in January 2011.
It has been said that our mistakes can be our greatest teachers. Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lesson you learned from that?
I had to learn the hard way to avoid having concentration with any single portfolio. I had been doing about forty-plus percent of my business with one specific Lender. When they went out of business, it created a massive lesson for me. It caused me to restructure how we do business, ultimately leading to greater success.
Are you working on any exciting new projects now? How do you think that will help people?
We continue to innovate technology and processes, as well as new relationships for our clients and bank/Funding partners, allowing for greater success for both parties.
Thank you for that. Let’s now shift to the central focus of our discussion. The fintech industry is known for its fast-paced and ever-evolving nature. How do you lead your team through periods of significant change or disruption? What strategies do you use to maintain team morale and productivity during such times?
We make sure to have the most up-to-date programs and pricing as well as access to funding during any economic time. This allows our clients to have continuous access to multiple lines of capital throughout any economic condition.
How do you come up with goals for your area of responsibility within the organization?
I look at our data from the previous years and align it the best I can with the current economy and my employee’s goals. This helps set realistic benchmarks, aligning business objectives with the best outcomes for our employees and clients.
How do you manage reporting to your board?
We don’t have a board.
Do you have any specific strategies that you use to manage your teams?
We monetize reporting and data to drive our teams to success. We also keep ongoing sales training for our staff. This helps us remain competitive and at the forefront of the industry.
Fintech companies often disrupt traditional financial services by focusing heavily on customer experience. Can you describe a customer-centric initiative you spearheaded at your company and the impact it had on your business?
We built a smooth online process for a business owner to access capital in less than 24 hours. A business owner can fully apply online at 8 am and be funded by 5 pm that same day with not just one but multiple financing options. Providing this level of speed for our clients helps ensure they have the necessary funding in time for their business goals and objectives.
Decision-making in Fintech involves assessing various risks, including technological, financial, and security risks. How do you approach risk assessment in your role, and can you give an example of a tough decision you made that involved a significant risk?
We use technology to manage risk with programs like Moneythumb, Experian, Equifax, Datamerch, Clear, etc. Those companies have technology that APIs into our CRM, which helps to mitigate risk. Accessing real-time data through FinTech tools is invaluable for our risk management process.
Based on your experience and success, what are the “5 Things You Need To Be A Highly Effective C-Level Leader Of A Fintech Company?” How have these 5 things impacted your work or your career?
1. Resilient: Like all industries, Fintech and business financing has its peaks and valleys. Weathering the storm during downturns to push forward toward better outcomes is an invaluable skill for business leaders in any industry.
2. Nimble: The fintech space evolves rapidly. Business leaders should be agile to keep pace with those changes and shift focus, when necessary, without losing sight of the bigger picture.
3. Long-Sighted: It’s vital to set and work toward long-term goals aligning with the industry’s overarching direction and client needs. While achieving those goals requires consistently meeting short-term milestones, leading a company requires keeping an eye on the end goal and where things are headed. You must know where you want to end up to determine where to go next.
4. Hungry to learn daily: The industry is constantly evolving. This isn’t a sector where you can sit back and rest on your laurels. Succeeding in the fintech or business financing space requires a genuine desire to learn continuously, driven by natural curiosity and a learner’s mindset.
5. Adaptable: Continuous disruption, innovation, and technological advances define FinTech and alternative business lending. That innovation must also be balanced with the changing regulations and oversight from regulatory bodies. Balancing the two requires adaptability and refining your processes to ensure the best outcomes for your clients while maintaining compliance and high ethical standards.
Looking ahead, what do you believe are the key trends that will shape the future of the fintech industry? How are you preparing your company to adapt to these trends, and what role do you see your leadership playing in this adaptation?
AI usage will expand significantly, so we have been incorporating that to streamline the process so our clients can get to one of our representatives faster and with more accurate information.
You are a person of great influence. If you could start a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. :-)
I have always been a big fan of the Pay It Forward movement and always look to help others in need when possible because we were all once in a position where we needed help.
This was very inspiring. Thank you so much for joining us!
About The Interviewer: Kieran is the EVP of Channel V Media, a Public Relations agency based in New York City with a global network of agency partners in over 30 countries. Kieran has advised over 150 companies in the technology, B2B, retail and financial sectors. Previously Kieran worked at Merrill Lynch, PwC, and Ernst & Young. Get in touch with Kieran to discuss how marketing and public relations can help achieve your company’s business goals.
