Tuesday Team Talks №8
One-on-One with Our Newest Director, Bob Rinaldi
In this installment of Tuesday Team Talks, the FintruX Team is excited to announce the latest addition to our Board of Directors, Bob Rinaldi. Here we get to know a little more about Bob’s extensive business experience, and ask him questions about his motivation in playing a key role at FintruX Network.
Bob Rinaldi is a seasoned entrepreneur with a strong business acumen, and has led several organizations to success prior to joining FintruX Network. He served as the CEO of CI Finance, a national equipment finance company, as well as a Director at CBank, a commercial banking community bank. Most notably, he held positions as the SVP of CSI Leasing, and the President of National City Commercial Capital Canada. As the Executive VP at Information Leasing Corp, Rinaldi played a key role in growing ILC to the fifth-largest, bank-owned leasing company in the U.S. with annual originations of over $3 billion and $8 billion in assets. Rinaldi is a Past-Chairman and Director of the Equipment Leasing and Finance Association (ELFA), the premier trade association representing the $1 trillion equipment finance sector.
The FintruX Team is thrilled to have Bob join our board of directors and have some questions here for him and his plans to guide us forward:
How did you start off your career before becoming an entrepreneur?
I was first exposed to the equipment leasing and finance business right out of college when I went to work for Xerox and trained as a sales rep. Besides their world-renowned sales training, Xerox added selling with monthly payments into the fabric of the sales process. After several years there, I went to work as a leasing sales rep for a publicly held lessor. The rest is, as they say, history.
How/where did you first hear about the FintruX project?
I had known Nelson Lin and his company, Robocoder from my time at National City Commercial Equipment Finance as President of our Canadian division which I launched de novo in Toronto. I met Nelson and Robocoder at my first Canadian Finance and Lease Association convention, where Robocoder won a technology award that year. Nelson and I would keep in touch from time to time and recently Nelson reached out to me for a visit, during which he introduced me to FintruX and educated me about the potential to use blockchain for a commercial lending marketplace platform.
What was a deciding factor that made you join our Project? Why do you believe in the FintruX mission?
It just so happened that I was working on an article for the Equipment Finance Advisor that discussed an alternative lending model for equipment finance companies in the USA for the SME sector which has always been an underbanked sector regardless of what the big banks advertise. This was only exacerbated after the Great Recession, following the ensuing regulatory barrage of new rules made banks less prone to taking risks. Commercial lending for the SME is ripe for disruption. No vacuum is left unfilled forever! FintruX is that disrupter! While the US has always been one of the most fruitful places in the world for small businesses -despite its capital limitations- FintruX can help one of the most vibrant and impactful segments of the US economy. From # of jobs to GDP, this sector matters. US small businesses contribute greater than 40% of non-farm GDP, and make up over 50% of the private non-farm workforce. Frankly, small businesses are the key to global growth if it were permitted to flourish and have access to capital. FintruX can help other countries as well as the US. The FintruX marketplace -powered by the decentralized ledger system of blockchain- is a leap forward for the SME sector.
Bob, you clearly have an extended and long history as a seasoned business leader in your field. What do you hope to bring to FintruX with your experience leading and growing companies?
A commercial lending evolution in the SME sector such as FintruX Network’s marketplace platform on the blockchain, will require a significant transition from how it is done today. My knowledge and practical experience as a lender to this sector will help in this transition. The commercial lending enterprises of today will require hand holding, if you will, to understand that the transition is not as great as they think. This new model is essentially the same but just done differently, and requires a different mentality in making a paradigm shift. When you think about it, commercial lending has been done the same way for centuries.
For example, the basis of any commercial lending contract has been a hard, tangible legal contract that can be held in the hands of a borrower and a lender. A “Smart Contract” is a natural evolution of the loan agreement that is effectualized and then enabled electronically as programming code. UTEA and e-Sign made it possible in the USA to sign agreements electronically. Well, Smart Contracts are just an evolutionary not a revolutionary progression of the same. The difference is the terms and conditions of today’s contract are enabled to as opposed to just be represented by a document. Today, people or manual processes are required to enforce the terms and conditions of a contract. FintruX, via the use of Smart Contracts, make the enforcement of a loan agreement a programming function as opposed to a manual function.
What do you hope/expect to see in the future of FintruX now that you’ve joined our team? Where do you hope to take our platform?
It is my hope that we help small businesses flourish globally! If we and others like us are successful, income inequality, that is often cited globally as a cause of global unrest and extremism can be solved in a meaningful way. More people can participate in the economy, hire more people, and provide living wages for all people.
Given your vast experience, what is your prediction of the future of Fintech and P2P lending industry?
My prediction is that Fintech and P2P lending will go through a typical exponential growth curve for technology in general. The only limiter is technology in terms of let’s say, building out the bandwidth of the blockchain ecosystem. If that is the limiter, then the speed of solving the technology problem will be extremely fast. Again, no vacuum is left unfilled.
Finally, what do you hope to gain from joining the FintruX team?
My hope is to play a significant part in the evolution of commercial lending to the SME sector and a revolution in the expansion of the SME sector globally.
FintruX Network is proud to have such a reputable and experienced professional join our team and be a key factor to better serve American small businesses. We look forward to Bob’s contribution on our journey in worldwide expansion.
The FintruX Team
This fantastic news about our launch into the U.S. market through our newest addition to our team, Bob Rinaldi has been featured by major news outlets like Fintech News, Equipment Financial Advisor, and Leaprate!
About us: FintruX Network is the global P2P lending ecosystem powered by blockchain and no-code development. FintruX facilitates marketplace lending in a true peer-to-peer network to ease the cash-flow issues of SMEs that typically face challenges getting loan financing, such as startup companies.
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