Working capital solution provider Demica has hired Wells Fargo’s Maurice Benisty as its new chief commercial officer.

The move comes as the firm, whose clients include major corporations and banks, seeks to expand its global presence.

At Wells Fargo, Benisty was the CEO of commercial distribution finance international, responsible for a US$2.8bn receivables business with more than 350 team members and 12,000 customers.

Prior to that he worked at GE Capital for 12 years, most recently as the chief commercial officer for international operations. Benisty has previously worked at Lehman Brothers, Deutsche Bank, BNP Paribas and HSBC.

In his new role, Benisty will focus on new customer acquisition and growing Demica’s geographical footprint. He is based in London and reports to CEO Matt Wreford, who comments: “This is a complex market and Maurice’s experience will be valuable as we serve more customers and expand our business globally. There is a huge opportunity to work with funders and corporates to increase the availability of working capital finance to middle market companies with cross border requirements. I look forward to leading a talented commercial team and helping to grow Demica.”

Demica says in a statement that in recent months, the company has been mandated to arrange over US$1.9bn of working capital finance for large corporate clients. As reported by GTR in June, the company has also been selected by FCI as the platform provider for FCIreverse, a partnership that is expected to add a large number of new users and funders to the Demica platform.