London-based Demica, a provider of working capital solutions to major multinational corporations and global banks, announced Maurice Benisty was appointed as chief commercial officer, as the company seeks to further expand its global presence. Benisty was previously CEO of Commercial Distribution Finance International at Wells Fargo and, prior to that, was chief commercial officer for GE Capital’s international operations.
In his new role, Benisty will be responsible for managing Demica’s global origination team and driving rapid growth across its receivables and supply chain finance products. He will play a key role in leading the international expansion of the firm as the company extends its footprint following the recent acquisition of major new clients in the U.S., Middle East and Latin America.
During his tenure at Wells Fargo, Benisty was responsible for a $2.8 billion receivables business with more than 350 team members and 12,000 customers across EMEA and APAC. He previously had a 12-year career with GE in several senior positions, including chief commercial officer of GE Capital International, leading sales and product management across its $40 billion commercial lending and leasing businesses, and was also commercial leader for the firm’s European leveraged finance franchise. Prior to this, Benisty was a senior investment banker at Lehman Brothers, Bankers Trust and Paribas. He will report to CEO Matt Wreford.
Matt Wreford, Demica CEO, commented: “Demica has a clear strategy for growth, product development and delivering outstanding results for our customers. This is a complex market and Maurice’s experience will be valuable as we serve more customers and expand our business globally. Maurice has a proven track record delivering growth across a range of corporate finance products and will now focus on new customer acquisition and growing our geographical footprint.”
In recent months Demica has been mandated to arrange more than $1.9 billion of working capital finance for large corporate clients, nominated as supplier by four global banks to white-label Demica’s proprietary technology platform and selected by FCI as the platform provider for FCIreverse.
“There is a huge opportunity to work with funders and corporates to increase the availability of working capital finance to middle market companies with cross border requirements. Demica has developed a best-in-class technology platform able to deploy a wide range of working capital solutions. I look forward to leading a talented commercial team and helping to grow Demica,” added Benisty.
Demica provides working capital solutions to global banks & multinational corporate clients, uniquely providing them trade receivable securitization, invoice discounting and supply chain finance programs from a single proprietary technology platform. The platform allows clients to simply automate transactions while de-risking them for investors and currently enables the financing of over $60 billion of trade receivables per year. Based in London, Demica works with clients all over the world, across industries and sectors.
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