Who We Are:
At Formic, we’re on a mission to revolutionize American manufacturing and create more abundance in the world. We believe in continuing the American legacy of innovation by making automation accessible to all manufacturers and increasing their factory productivity by 10x.
Built upon deep expertise in robotics and manufacturing, our unique Pay-for-Productivity robotics solutions combine the best automation technology, tools, and uptime services for manufacturers, paving the way for a new era of supercharged efficiency and competitiveness.
As the world faces growing pressure from rising costs and labor shortages, Formic is a uniquely powerful tool in overcoming these challenges. Fueled by our vision for a resurged “Made in America,” we’re growing fast - achieving 70% quarterly growth in customer count and ARR, with ~30% of our customers having already deployed multiple systems.
Supporting us in our mission, with investments thus far totaling over $60 million, are backers including Blackhorn Ventures, Mitsubishi HC Capital America, NEC, Lorimer Ventures, Translink Capital, Alumni Ventures, FJ Labs, Lux Capital, Initialized Capital and founders of multiple Fortune 50 companies.
About the Credit team: Formic provides robotics-as-a-service (RaaS) and the Credit Team is a key part of providing the “as-a-service” part of RaaS; they are responsible for administration of credit and portfolio management of our customers.
As our Senior Credit Officer, you will:
- Evaluate credit applications from small- to medium-sized businesses to assess creditworthiness, completeness, and compliance
- Contribute to evolving Formic’s credit risk management processes and support both process improvement and capital markets initiatives
- Work closely with various functions across the company to support the sales process while addressing risk and ensuring compliance with established policies
- Facilitate an ease of doing business and have strong connectivity to executive leadership and sales
- Support the sales and customer success teams internally and externally as the subject matter expert on the credit policy and credit underwriting processes
- Conduct underwriting calls with customers, as necessary
- Foster a sense of urgency to get things done
- Strive for quality as well as timeliness, maintaining perspective as to the outcome of the decisions
- Provide leadership for all facets of the credit and portfolio management team, being both very hands-on and advising based on deep professional credit expertise
- Develop a strong group of cross-functional collaborators by providing training on credit underwriting and the credit process as a whole to both the current sales team as well as future hires
- Manage third-party vendors, including PayNet, Dun & Bradstreet, and Equifax
- Develop and analyze credit opportunities with an emphasis placed on complex transactions, making decisions and taking measured risk using all available data and insights
- Prepare and oversee comprehensive credit write-ups, approving and/or rejecting deals within approved credit authority, then providing recommendations beyond credit authority
- Monitor our portfolio for past due accounts, and assist as needed to rectify delinquent ones
- Ensure continuous improvement, including providing enhancements to all processes, including credit approval write-ups, initial credit reviews, credit application, and more
- Participate in the identification of problem areas and the development of resolutions to address them
- Continue to develop, maintain and adhere to credit and collection policies and procedures
- Liaise with third party resources, including Formic’s funding partners
What makes you a great fit:
- A 4-year degree in any discipline, with preference for a Business Administration, Finance, Accounting, or Economics preferred, or equivalent experience/on the job training
- 15+ years experience in management, credit, collections, financial statement analysis and/or related disciplines of commercial credit underwriting in a commercial bank, investment bank, finance company, credit fund, or fintech company
- Knowledge and experience in credit underwriting of equipment transactions is highly desirable experience
- Expertise in financial statement analysis on complex transactions
- Demonstrated knowledge and ability to analyze customer credit summaries and past due accounts
- Proficient in Word, and Excel with ability to adapt to other software requirements
- Thorough knowledge of documentation principles, billing, invoicing and payment concepts, as well as UCC filing requirements and their applicability to bankruptcy laws and regulations
- Proven ability to learn and take proactive steps to increase knowledge showing a commitment to the business
- Possession of a proactive “do business” approach
What we look for:
We’re building a company from the ground up, so every single person we hire has a massive impact on our team, culture, and ability to accomplish our mission. While each individual brings their own unique skills and perspectives to Formic, we look for people who share our vision and act in alignment with our Operating Principles. If this sounds like you, Formic could be the place for you:
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Fearless Optimism: You share our ambitious vision of what we can accomplish. You’re aware of the challenges we will face as a startup doing new things in an old space, but you’re energized by the incredible opportunity we have to drive change for our customers, and for the manufacturing industry at large.
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Factories First: You have a strong customer focus, no matter who your customer is. You seek to make things easier and better for our customers, even if it makes your job a little harder.
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Today, Not Tomorrow: There are always plenty of projects to tackle in a startup, but you prioritize, take accountability for work, and have a bias toward action.
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Be Right Often: You don’t do things just because that’s how they’ve always been done. You keep looking for ways to improve, seek out feedback along the way, and back your decisions up with data.
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Made of Rubber: Just like rubber, when you fall you bounce back up. You know there’s going to be a lot of challenge and change in our work ahead but you are adaptable, resilient, and ready to thrive through it all.
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Good Baton Passes: You work with a desire to make things easier and better for your team members. You use empathy to understand the needs and goals of others and support each other so Formic can be successful together.
What We Offer:
Formic believes we do our best work when we are equipped to take care of ourselves and our loved ones. To support this Formic offers comprehensive benefits and perks for full-time US-based employees, including:
- Equity in Formic: your slice of ownership in a fast-growing Series A startup, backed by some of the best investors in the world
- 99% coverage on our base Medical, Dental, and Vision insurance plans (75% coverage for dependents) via Blue Cross Blue Shield and Guardian, with buy-up options, as well
- FSA & DCFSA
- Life insurance, Short-Term Disability, and Long-term Disability plans (covered at 100%) via Guardian
- Employee Assistance Program
- Paid parental leave
- Company-sponsored 401k
- Home Office Stipend for remote and hybrid roles
- Monthly Phone/Internet Reimbursement
- Flexible time off policy and 10+ company holidays
- Opportunity to join a talented and diverse team united behind our mission to revolutionize American manufacturing
As our team grows, our benefit and perk offerings for employees based outside of the United States will vary. We are happy to discuss these options with you as part of our recruiting and interviewing process. Temporary or contract positions are not eligible for Formic employee benefits and perks, except where legally required.
Formic is an equal opportunity employer. We do not discriminate on the basis of race, color, religion or religious creed, sexual orientation, gender, gender identity, marital status, family or parental status, disability, military or veteran status, or any other basis protected by law. All employment decisions are based on a person’s merit, business needs, and role requirements. If you require further accommodations or have questions regarding accessibility of our roles, please reach out to [email protected].
