Andrew Curtis now CEO as company hopes latest exec change will lead to cash flow break-even in 2023.
Like her predecessor, Clearco’s Michele Romanow is stepping down as CEO of the company she helped found, BetaKit has learned.
The announcement to is expected to be made to employees Monday morning, according to sources that spoke to BetaKit under condition of anonymity. Along with that announcement will come the second set of significant layoffs for the company in the last year, a reduction of approximately 50 employees, just under 30 percent of the company. Clearco made a 25 percent staff reduction of 125 employees in July 2022.
Replacing Romanow as CEO is Andrew Curtis, a New York-based investment banker who has 20 years of experience in investment management and financial services. Curtis has been working with Clearco since last summer and will assume the role effective immediately.
Romanow is the second Clearco CEO to step down from the role in the last year. Then president, Romanow replaced fellow co-founder and former romantic partner Andrew D’Souza as CEO in February 2022 as part of a swap that saw D’Souza move to executive chair. Romanow will take on a new position as executive co-chair with D’Souza.
Clearco’s fortunes started to turn in 2022, with the company facing significant executive turnover and a changing economic environment.
Romanow is also not the only Clearco executive departing their role. CRO Mark Steinman is leaving the company to pursue other ventures, according to sources who spoke with BetaKit. With Clearco since 2018, Steinman previously held roles as the company’s head of capital markets, general counsel, and chief administrative officer.
Clearco was founded in 2015 by Romanow, D’Souza, Charlie Feng, and Ivan Gritsiniak. Originally an alternative banking product for Uber drivers named Clearbanc, Clearco rose to prominence as a debt lender for e-commerce businesses, specifically dealing in revenue share agreements.
Clearco experienced fast-paced growth over the last few years, attracting a plethora of venture capital along with it. The company reached a unicorn valuation in 2021, and has
