San Francisco, CA and Montreal, Canada (PRWEB) October 14, 2009
SmartHippo, the first web site that let consumers use the power of the community to shop for financial products, announced today it has appointed Lori Collins as its new CEO.
"We're very excited by Lori's unique experience in both the web and finance sectors," said former CEO George Favvas, who will continue his involvement in the company as Founder and VP Corporate Strategy. "I'm confident that with Lori at the helm we are well positioned for our next phase of revenue growth."
As General Manager of the LendingTree exchange, Collins was responsible for sales, relationship management, and product management for the LendingTree Lender network. She was part of the executive team which increased revenues from $7 million to $476 million over seven years.
"SmartHippo has a very compelling business model," Collins said. "Consumer-driven and social product comparisons have become the norm in other industries, and I'm excited to be a part of the company that is finally bringing these innovations to the finance space."
Unlike intermediary web sites which match consumers with lenders based on business relationships, SmartHippo is an open, transparent marketplace where consumers help each other find the best financial products. They can ask questions, compare rates and share reviews and experiences with other consumers and make a more informed decision.
Lenders and brokers participate by answering questions and posting rates, and consumer feedback keeps them in check.
In another announcement today, SmartHippo announced it is expanding into the Spanish market with the launch of HipoListo.es in partnership with FinancialRed Network.
SmartHippo.com is the first-ever website that uses the power of community to help consumers find the best mortgage rates and save money. SmartHippo allows any individual to post information and feedback on the rate they received, and to compare rates with other members of the community with similar profiles. Members of SmartHippo can see real rates reported by real consumers, and sort through banks based on feedback posted by other members of the community. The company is privately held with offices in San Francisco and Montreal.
Media advisory: Lori Collins will be delivering the closing keynote at Startup Camp Montreal tomorrow, October 15th. The event takes place at the Society for Arts and Technology, 1195 Saint-Laurent boulevard, Montreal from 6pm to 11pm. Admission is free. For info see:
Backgrounder: Lori Collins bio
Lori Collins was a member of the original Executive Team at LendingTree that grew the company from IPO through the acquisition by IACI and expansion into the direct lending business.
As SVP and General Manager of the LendingTree Exchange, she was responsible for sales, relationship management, and product management, and was part of the executive team which increased revenues from $7 million to $476 million over seven years.
Prior to LendingTree, she was SVP at Bank of America, where she was head of national marketing and product development for Nations Funds, which grew to $68 billion in mutual fund assets during her tenure. Collins also served as a VP at Fidelity Investments in Boston, where she launched the first mutual fund marketplace and drove assets in the marketplace from zero to more than $9 billion in three years. She was also a director of marketing at American Express Company in New York. Collins earned her MBA from the Kellogg School of Management at Northwestern University, and a B.S. in Business Administration from UNC-Chapel Hill.