Online investment marketplace Newchip has named Jason Schenker as CFO.
Ranked first in the world for forecast accuracy in 19 categories, Mr. Schenker has advised public and private companies, the Fed, ECB, Bank of England and OPEC.
Newchip is slated to launch early in 2017. It consolidates equity investment platforms into one marketplace.
Mr. Schenker believes the format will attract a key demographic.
“Throughout every sector, millennials are the driving force of change. When it comes to investing, they are taking a different path than the generations before them, and it’s anticipated that this cause-centric generation will increase the demand for social responsibility investing as they indicate less interest in traditional equity investments.
“Nearly half of the new market potential for private equity funding can’t actually afford to participate, but the market can’t grow without bringing them into the field. However, there is a lack of infrastructure in the market, creating a fragmented ecosystem of thousands of platforms inefficiently competing with each other.”
Mr. Schenker joins a leadership including founder and CEO Ryan Ràfols and cofounder and CTO Travis Brodeen.