Wells Fargo Capital Finance (WFCF), a unit of Wells Fargo Commercial Capital, has promoted Jack Morrone and Daniel Pfeiffer to lead its channel finance division.

Channel finance is a specialised business which underwrites and collects payments from technology hardware resellers and distributors, the receivables of which are sold to the business by the manufacturers. It sits alongside three other working capital businesses in Wells Fargo’s broader supply chain finance division: supplier finance, accounts receivables and accounts receivables securitisation.

Morrone has become division manager while Pfeiffer is now head of business development.

Both report to Holly Kaczmarczyk, Wells Fargo’s head of supply chain finance.

Based in Chicago, Morrone most recently served as Wells Fargo’s regional underwriting manager for supply chain finance and led an underwriting team that supported its channel finance division.

He previously spent 19 years at GE Capital in various underwriting and relationship management roles in asset-based lending, leveraged finance, channel finance and floorplan finance. In those roles, Morrone led cross-functional teams that served customers in multiple industries, verticals, and geographies.

Meanwhile, Pfeiffer, based in Florida, joined Wells Fargo in 2016 as head of sales for supplier finance and the key accounts purchase programmes in supply chain finance. Before that, he worked for Taulia to build a supply chain finance offering for Europe and the US.

He previously spent 10 years with Citi in a variety of roles, including transaction services head for Trinidad & Tobago, Bahamas and Barbados.

“Jack Morrone and Daniel Pfeiffer have extensive supply chain financing and lending experience, strong relationship development and leadership skills, and history of achieving outstanding results that add value to our team and our clients,” says Kaczmarczyk. “They will play key roles in developing of our capabilities and finding working capital solutions for technology firms globally.”