eFinance Names Karen Wendel CEO.

Business Editors/High-Tech Writers

PALO ALTO, Calif.--(BUSINESS WIRE)--June 14, 2001

eFinance Corporation, a credit decisioning and workflow management technology company, today announced that Karen Wendel has joined the company as chief executive officer.

She succeeds company founder Reid Rutherford, who will continue to serve as chairman of the board of directors and provide strategic guidance to eFinance.

Wendel was formerly a partner at The Capital Markets Company (CAPCO), a Belgium-based financial services consulting firm focused on capital markets strategy, operations, technology, and venture capital. At CAPCO, Wendel was lead partner for the e-business and global payments area. Previously, Wendel was a vice president at Gemini Consulting, where she was head of the U.S. Financial Services Practice.

"Karen's global experience and her success in the areas of electronic payments and trade credit make her the ideal person to lead eFinance as the company continues its strong growth," Rutherford said. "Her reputation and relationships with financial institutions and other global businesses will be a valuable asset to eFinance. Furthermore, her decision to join eFinance makes a strong statement about the company's credit decisioning, fraud detection, and workflow processing technology."

Wendel has over 20 years of experience in creating and delivering technology services and solutions in the financial services field. She joined CAPCO in 1999 and was responsible for creating and managing CAPCO's "e-offerings" in financial services, building and managing CAPCO's West Coast operations, and developing and rolling out CAPCO's intellectual capital around liquidity and risk. As head of the West Coast office, Wendel led the growth of CAPCO's e-finance practice, including raising capital and building out the required team and infrastructure. She also lead the firm's business development efforts, signing strategic partnerships with a variety of high tech and strategy firms.

As head of the U.S. Financial Services Practice at Gemini Consulting, Wendel was responsible for creating and managing service offerings for the financial services environment, both in the U.S. and globally, including global transaction processing, electronic commerce, and real-time management. Her lead engagements included major U.S. money-center banks, European universal banks, major property and casualty insurance firms, and global telecommunications firms.

"I am very excited to have the opportunity to lead eFinance as it continues its strong growth as a company," noted Wendel. "eFinance has established a solid foundation and track record by signing major customers for its technology platform, including NEC, ADP, and HP. I was particularly attracted to eFinance because of its demonstrated market leadership in delivering innovative technology solutions to clients that reflects eFinance's expertise in financial services and credit. I am looking forward to leading eFinance as it enters new markets and continues to develop new products and services for manufacturers, financial institutions, and other technology infrastructure companies."

About eFinance Corporation

Founded in 1999, eFinance enables the real-time completion of online transaction financing for manufacturers, vendors, financial institutions, e-marketplaces, and other companies with an e-commerce initiative. eFinance's comprehensive and flexible technology solutions provide credit decisioning and fulfillment at the Web point-of-sale in addition to providing tools for fraud detection and management of complex credit workflows. The eFinance Transaction Finance System(TM) (TFS) accepts a credit application via the Internet; delivers an immediate credit decision; creates and delivers documents online; and provides verification, funding, shipment, and settlement notification. The eFinance platform can be seamlessly integrated into a company's e-commerce initiative for transparent processing of credit and leasing options. With headquarters in Palo Alto, California, eFinance is a privately held company led by seasoned professionals with extensive experience in credit, financing, risk management, and technology. eFinance's investors include CSFB's Sprout Group; NIF Ventures USA; Sanchez Capital Partners, and DigitalVentures. For more information, please visit the company's Web site at www.efinance.com.