Weel promotes Damon Hauenstein to expanded CFO and COO role, strengthening executive leadership

SYDNEY, July 16, 2024 /PRNewswire/ -- Weel, Australia's leading spend management platform, today announced the promotion of Damon Hauenstein to the expanded role of Chief Financial Officer (CFO) and Chief Operating Officer (COO). In his COO capacity, Damon will oversee the company's daily operational execution, in addition to his existing CFO responsibilities.

"Weel has significantly increased the scale of its operations in recent years and is now processing over $500 million in transactions annually," stated Daniel Kniaz, Founder and CEO of Weel. "Damon has played a pivotal role in building the frameworks and systems underpinning this growth, while leading our most critical strategic initiatives. I am confident that his expanded role will deliver enhanced efficiencies and accelerate our growth trajectory."

"I am delighted to take on the role of COO alongside the CFO role. Weel is at a critical juncture in our scale-up journey and we now have the foundations in place to pursue our ambitious global growth strategy," said Hauenstein. "I look forward to continuing to partner with Daniel, Russell, and the wider team to deliver exceptional outcomes for our customers."

Damon joined Weel in 2022 as its inaugural Chief Financial Officer. Prior to joining Weel, he spent over a decade at Citi, most recently as a Director in its global investment banking team. During his tenure, he successfully led teams in numerous landmark mergers and acquisitions, and capital market transactions with a combined value exceeding $20 billion.

The move caps a dynamic phase for Weel, including a recently announced strategic partnership with Nium and Visa to enhance its customer offerings and bolster the company's growth; and the appointments of Marten Jagers as Chief Revenue Officer and Nina Putica as Head of Marketing.

About Weel

Weel is Australia's leading spend management platform. Weel provides an all-in-one business card and spend management platform that enables finance teams to better manage, control and streamline spending across their organisation. Weel's easy-to-use web and mobile app includes digital cards, bill payments, reimbursements, card controls, budgeting, subscription management, real-time transaction feeds, automated spend reports and powerful accounting integrations. Weel is based in Sydney and was founded in 2016. The company, formerly known as DiviPay, raised a $20 million Series A funding round in 2021 from a number of global fintech investors. Businesses have used the Weel platform to process over $1 billion in payments.

Learn more at: https://letsweel.com