UK-based social purpose lender Salad Money has appointed former UK chief executive officer of Klarna, Alex Marsh, as chair of the board, succeeding Sir Tim Melville-Ross.
Marsh joined Salad Money’s board as a non-executive director in November 2023, and has also served as chair of its risk and audit committee.
He has more than 20 years of leadership experience in financial and professional services, having led Klarna in the UK, and is a chartered accountant.
Salad Money is now the UK’s largest community development finance institution and the first to be registered as an account information service provider with the Financial Conduct Authority.
Over the past five years, it has lent more than £130 million to over 90,000 customers and uses Open Banking data to inform lending decisions.
Marsh said: “Sir Tim has steered Salad Money through an extraordinary period of growth, helping the business earn the trust of customers, investors, and regulators alike. I’m immensely grateful for his guidance and support.
“Salad is leading the way in tackling financial inclusion through the responsible use of Open Banking data. With an expert team and an innovative technology platform, we have a unique opportunity to level the playing field for UK consumers.”
He added: “I’m excited to support the next chapter of growth, including an ambitious pipeline of new products, tools, and partnerships that will help even more people to build stronger financial futures.”
At the Open Banking Expo Awards 2023, which took place in London on 19 October last year, Salad Money won the Open Banking for Good Award.
Tim Rooney, chief executive officer of Salad Money
Melville-Ross said: “I was asked to chair Salad because of my experience as CEO at the Nationwide Building Society. I was particularly impressed by the idea of an organisation that had a strong social purpose in providing affordable loans to people on modest incomes, and the means to do so through Open Banking by lending at rates far below those charged by others.
“There has been great progress, but we could do even more to address the pernicious effects on society of bad, ugly or no credit for excluded households – and I am thrilled Alex is taking up the role.”
Tim Rooney, chief executive officer of Salad Money, said: “Sir Tim has been instrumental in building Salad to the company it is today on a foundation of fairness, innovation, trust and great talent and I want to thank him for his wisdom and insight. Alex is part of the new wave of talent we must attract whose skills will be so vital as we seek to reach our next stage.”
