Non-QM lender Angel Oak announces new C-suite executive

Group names new chief information officer

Non-QM lender Angel Oak announces new C-suite executive

Non-agency lender Angel Oak Companies has announced a new addition to its executive team.

David Raju (pictured) will take on the position of group chief information officer. In this role, he will be responsible for all aspects of Angel Oak’s digital transformation. Raju is the founder and CEO of Covience, a banking-as-a-service platform acquired by Angel Oak last month.

Read more: Angel Oak to buy Canadian banking-as-service start-up Covience

“We’re looking to reimagine the digitization of mortgage banking and asset management through the use of our vast amount of data,” said Raju. “By focusing on how we leverage our technology, we believe we can improve our business and, more importantly, enhance the client experience — whether that is in our residential and commercial lending or our asset management businesses.”

In addition to Covience, Angel Oak also made a strategic investment into Asset Class, a Dublin-based financial technology firm. In July, Angel Oak told MPA that the acquisitions align with its goal to advance its digital capabilities and expand globally.

Read next: Angel Oak tech venture arm makes strategic investment

“Whether it is becoming more efficient and better monetizing our data or implementing bolder ideas such as moving to the blockchain, Angel Oak intends to remain on the forefront of digital innovation in the mortgage and asset management industries,” Raju said.

Raju brings more than two decades of banking and payments experience. Before founding Covience, he held various C-level positions, including serving as chief technology and operations officer at Ally Canada, as well as president and CEO at Zag Bank.