Weel promotes Damon Hauenstein to dual CFO & COO roles

Weel has announced the promotion of Damon Hauenstein to the expanded role of Chief Financial Officer (CFO) and Chief Operating Officer (COO). In his new capacity, Hauenstein will oversee the company's daily operational execution alongside his existing CFO responsibilities.

Weel, which is a prominent spend management platform in Australia, has seen substantial growth in its operations, now processing over AUD $500 million in transactions annually. Daniel Kniaz, Founder and CEO of Weel, commented on Hauenstein's crucial role in this growth. "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," said Kniaz.

Hauenstein expressed enthusiasm for his expanded role within the company. "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," he stated. "I look forward to continuing to partner with Daniel, Russell, and the wider team to deliver exceptional outcomes for our customers."

Hauenstein joined Weel in 2022 as its inaugural Chief Financial Officer. Before his tenure at Weel, he spent over a decade at Citi, where he most recently served as a Director in its global investment banking team. During his time at Citi, Hauenstein successfully led teams through numerous landmark mergers and acquisitions, as well as capital market transactions, with a combined value exceeding USD $20 billion.

This promotion comes during a dynamic phase for Weel, which recently announced a strategic partnership with Nium and Visa aimed at enhancing its customer offerings and bolstering the company's growth. Additionally, the company has made significant appointments, including Marten Jagers as Chief Revenue Officer and Nina Putica as Head of Marketing.

Weel's developments reflect its continuing efforts to strengthen executive leadership and ensure robust operational and financial performance.