Fitted Feature – Loren Olson

Loren Olson, Director of Finance

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Loren Olson, Fitted’s Director of Finance, shares details about Fitted’s financial successes and plans. With Olson’s decades of finance experience backing him, he immediately saw the growth potential of Fitted. He was eager to join the team and revolutionize the retail industry. We are grateful to have a forward-thinking leader that always enters the office with a smile. 

Can you tell me about your experience in Finance?

“My experience in Finance reaches far and wide. I have been in the Finance world for over three decades. I was the President and CFO of a large manufacturing company, the COO of a multi-state assisted living company, and served as a Mergers and Acquisitions Lead for a Fortune 50 technology company. Additionally, I was a worldwide Financial Manager supporting a billion-dollar portfolio. I am grateful for the opportunity to lead Fitted’s Finance Department as the Director of Finance.”

There’s that smile we were talking about!

Why did you want to work for Fitted? 

“The initial interest began when I met with Monte (Fitted’s CEO & Co-Founder) and Glen (Fitted’s COO & Co-Founder). I immediately saw the potential in Fitted and how the solution could benefit retailers and brands alike. I wanted to become a part of the execution to make the vision a reality. Beyond finances, Fitted has the right team to revolutionize how we look at the B2B side of retail. I enjoy going into the office and feeling the excitement and energy daily. What we are doing is impactful and innovative- it’s something that everyone wants to be a part of and contribute to. All of these factors played into my final decision to join Fitted.”

What does a typical week look like for Fitted’s Finance department?

“Fitted’s Finance team, of course, does the traditional accounting you would expect, but we extend our reach beyond these tasks. Standard accounting tasks include making entries into the books, closing the books monthly, and managing cash flow. Expanding on this, our team is a big part of the Fitted customer experience. We interact with and guide our customers daily- helping them understand the value of improving cash flow and how they receive payments. I love how involved our Finance department is and we’re always working on strategies to improve the customer experience.

What is the difference between an average Director of Finance versus an outstanding Director of Finance?

“An outstanding Director of Finance will go above and beyond standard accounting responsibilities- a true leader will participate in strategic initiatives to make a more significant impact. I take feedback from internal and external stakeholders and bring those perspectives to the leadership team to determine the best steps forward. Flexibility, thinking out of the box, and developing effective plans of action are essential in a role like mine.”

Loren and his family

What is the most shocking financial fact about Fitted?

“For brands, the most shocking financial fact is that by partnering with us, they are experiencing an increased cash flow of 19-24%. Additionally, Fitted’s month-over-month growth has been over 300% since launching our full solution of Orders + Payments in June 2022. 

The interest level from external investors and the rate at which we’ve expanded are two other incredible things to note. When investors hear about all that we have already accomplished and our action plan to achieve future goals, they are fast to invest in Fitted’s future. Speaking on our impressive expansion speed, we have seen exponential growth of transactions through the Fitted platform. I thought we would see these staggering results later, and our success would be more gradual. Watching retailers nationwide access Fitted’s outstanding payment flexibility has been inspiring. Additionally, brands are connecting with their retailers in a new way. Our platform is a win-win for both parties involved. “

Sports, sports, and more sports!

You’ve been here since Fitted’s early days. How have you helped Fitted grow? 

“There’s been so much growth since I first started at Fitted. If I had to choose my most significant contribution to Fitted’s development, it would be seeking the right investors to support our vision. Fitted is expanding quickly because our platform brings a new solution to the industry. Our Product and Engineering team can deliver a world-class product for brands and retailers with financial support.

How do you prefer to spend your time away from work?

“I enjoy spending my free time with my family. I have three amazing, active boys, Daniel, McKay, Haden, and my supportive, beautiful wife, Allyson. I have always played, coached, or watched sports, which I thoroughly enjoy.”

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