September 25, 2014
Wells Fargo expands across U.S., Canada
U.S.--Wells Fargo Capital Finance is expanding their Supply Chain Finance team domestically and internationally. The expanded team will support and target the growing middle-market technology sector, which consists of IT value-added resellers (VARs), distributors, and vendors of technology products and services. Six business development officers will be added to increase coverage in major U.S. cities and Canada. The expansion within Canada compliments the growing international business operations that the team currently has in Latin America, Europe, and Asia.
Supply Chain Finance, led by senior managing director Steve Hopkins, offers products to large corporations and their trading partners to help manage cash flow and grow sales. The three financing programs, uniquely structured under one business unit, include Channel Finance, Sales Finance, and Supplier Finance and support customers across many industries, such as, technology, retail, consumer products, automotive, energy and power. These programs are individually tailored and address both payables and receivables for corporations and their trading partners, helping them to support their operations and keep their supply chains stable.
The technology sector, estimated to be a $2.2 trillion industry, has increased its demands of channel finance programs, which has warranted the team expansion and a had a direct correlation to the double digit annual growth Supply Chain Finance has experienced over the past five years. The new positions will report into the Channel Finance product line, which is being spearheaded by Robert Wagner, managing director of Supply Chain Finance, a 24-year trade veteran.
The Channel Finance business focuses primarily on information technology companies and works with several of the largest technology vendors in the market. The team works with vendors and manufacturers as well as their reseller customers to improve liquidity through extended terms financing, working capital solutions and accounts receivable financing options.
“We are very excited to grow our business development team as we continue to provide creative financing solutions to help our customers grow and succeed,” says Wagner. “In this market, you need to move quickly and be proactive to service this dynamic industry and our tailored financing programs fit those requirements.”