Proven executive bringing ecommerce & fintech experience to further scale Modo’s enterprise payment offerings
Dallas, Texas – March 3, 2020 Modo, the cloud-native payments stack for enterprises, announced today that Mark Lenhard, former SVP of Strategy & Growth at Magento, has joined its board of directors.
Mark has deep expertise in executing go-to-market strategies to drive growth of financial services and technology organizations. A true #paymentsgeek, Mark has driven growth across all aspects of the payments ecosystem, having led Global Strategy at PayPal and served as Managing Director of digital and payments strategy (acquiring & issuing) at JPMorgan Chase. Most recently, Mark was part of the management team that spun Magento, the leading B2B and B2C open-source ecommerce platform, out of eBay in 2015. At Magento, Mark influenced the payments industry more broadly as they helped large enterprises build and scale their ecommerce infrastructure to create market-leading customer experiences. Magento Commerce was sold to Adobe in 2018 for $1.68 billion where Mark continued to work until mid-2019.
“I have repeatedly seen first-hand the payments pains of large global enterprises, and their challenges have only intensified with the increasing complexity of the payment’s ecosystem. Modo is allowing every enterprise to have a next-generation payments stack, without recruiting an in-house payments team or building their own technology” says Mark of Modo. ”It’s incredibly difficult to make something super complex like payments for big global corporations work simply, but that’s exactly what Modo has done. I am excited to be a part of the Modo growth story, and to share my experiences building billion dollar businesses.”
Modo’s cloud-native technology layer orchestrates payments between enterprises and their various payment service providers (PSPs). By accepting payments online and in-store with Modo’s /Checkout product, enterprises can optimize routing, maintain their payment integrations, and quickly add new payment methods and partners, among other features.
As Modo continues to launch new enterprise class products, the team is excited to welcome Mark to the board. “Mark has a fantastic reputation throughout the fintech and payments industry, and has spent years working to help shape the future of payments, including how large enterprises manage and optimize their ecommerce and payments operations to create superior customer experiences. I’m super excited to have him on our board to bring not only his payments expertise, but also his learnings from scaling organizations to $1 billion+” says Bruce Parker, Founder & CEO of Modo.
Mark is an active investor in early-stage startups and currently advises a number of fintech and B2B technology growth companies, including Bolt Financial, Nosto and Zmags. Mark holds a BA in Economics from Yale University and an MBA from Stanford University Graduate School of Business.
About Modo
Modo is the cloud-native payment stack for enterprise companies. A single connection to Modo’s /Checkout API allows clients to manage and maintain their entire payments operations, from adding alternate payment methods to routing between payment service providers (PSPs) to processing refunds. As a technology solution, Modo orchestrates payments between PSPs without entering the money flow, enabling Modo clients to receive the best value for each transaction while creating a superior experience for their end users. Modo’s current clients include 14 West, Klarna, FIS, Etihad Airways, Bank of America, and Deutsche Bank, among others. Head to modopayments.com to learn more!
Media Contact
Lindy Singer
pr@modopayments.com
Topics: mark lenhard, announcements, modo board
