Axos Bank Expands Commercial Banking in Silicon Valley with new Technology & Life Sciences Banking Division
Silicon Valley industry veteran Rod Werner joins as Head of Technology and Life Sciences Banking along with 10 experienced bankers
SAN DIEGO--(BUSINESS WIRE)--November 14, 2024--
Axos Bank, the nationwide bank subsidiary of Axos Financial, Inc. $(AX)$, announced its launch of their Technology & Life Sciences Banking Division. Led by Silicon Valley industry veteran Rod Werner, Axos enters the innovation economy with an experienced and talented team.
The new division will have dedicated teams in Palo Alto, San Francisco, Boston, New York, and LA focused on supporting Venture Capital and Private Equity Firms directly as well as the firm's portfolio companies through three distinct but coordinated verticals: Sponsor Finance, Lender Finance, and Fund Finance. With a focus on Software, AI, Fintech, and Healthcare IT sectors, this new division will offer recurring revenue lines of credit, term loans for mergers and acquisitions, as well as treasury management solutions to support startups, growth-stage companies, publicly-traded corporations, venture funds, and private equity funds.
"The technology and life science community is looking for the next leader in banking, and Axos has the financial stability, entrepreneurial spirit, and client-focused model to become a trusted partner," said Greg Garrabrants, President and CEO of Axos Financial, Inc. "Under Rod's leadership, Axos will offer a comprehensive set of banking solutions, supported by turnkey technology and responsive client service."
Rod is joined by a team of ten seasoned professionals that has worked together in the innovation economy for over 20 years, successfully structuring more than $10 billion in debt commitments to sponsors, sponsor-backed companies, and Venture Debt Funds. The group includes William Sweeney, Greg Belanger, Alan Jepsen, and Ashish Sharma, along with a number of other highly experienced and dedicated professionals. The Axos Technology & Life Sciences Banking team brings a wealth of knowledge to empower businesses at every stage of their journey and provide the insights and resources they need to thrive.
"Our team has spent decades working together in the innovation economy sectors, and joining Axos allows us to bring our expertise to a rapidly evolving landscape," added Werner. "Axos has always been a digital-first company, and we are thrilled to set a new standard for how tech-focused banking should be done."
Learn more about Axos Bank's specialized banking expertise at axosbank.com.
About Axos Bank
Axos Financial, Inc., with approximately $22.9 billion in consolidated assets as of June 30, 2024, is the holding company for Axos Bank, Axos Clearing LLC, and Axos Invest, Inc. Axos Bank provides consumer and business banking products nationwide through its low-cost distribution channels and affinity partners. Axos Clearing LLC (including its business division Axos Advisor Services), with approximately $35.0 billion of assets under custody and/or administration as of June 30, 2024, and Axos Invest, Inc., provide comprehensive securities clearing services to introducing broker-dealers and registered investment advisor correspondents, and digital investment advisory services to retail investors, respectively. Axos Financial, Inc.'s common stock is listed on the NYSE under the symbol "AX," and is a component of the Russell 2000$(R)$ Index, the S&P SmallCap 600(R) Index, the KBW Nasdaq Financial Technology Index, and the Travillian Tech-Forward Bank Index. For more information regarding Axos Bank, please visit http://www.axosbank.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241112451022/en/
CONTACT: Abbie Sheridan
Greenrose Communications
Phone: 1-516-286-7056
Email: abbie@greenrosepr.com
(END) Dow Jones Newswires
November 14, 2024 09:00 ET (14:00 GMT)
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