Richard Korhammer

Part I: Richard Korhammer: From Champion Swimmer to FinTech Luminary

1. Early Life and Formative Years

Richard Korhammer was born in New Jersey, the son of Dr. Alan Korhammer and Sheila (nee Maki) Korhammer. His father, Dr. Alan Korhammer, a Princeton University alumnus (Class of '56), was a practicing OB/GYN physician. His mother, Sheila Korhammer, a Mount Holyoke College graduate (Class of '57), played a significant supportive role during her husband's medical school years and later carved out an influential career in education. She served as the President of all Community Colleges in North America and contributed to President Bush's educational committee. Sheila Korhammer was also actively involved in local education, serving on the Easton School Board from 1973 to 1979 and as a trustee for Northampton Community College from 1974 to 1986, holding state and national leadership positions within the Association of Community College Trustees.

While born in New Jersey, Richard Korhammer was raised in Easton, a small town in Pennsylvania. This upbringing in a family that valued both medical practice and educational leadership likely instilled a strong work ethic and a drive for achievement from an early age. His father was born in Mount Vernon, New York, the son of an accountant and a school nurse. His mother was born in Proctor, Vermont. The family later resided on Dataw Island, SC.

Korhammer's passion for swimming ignited early. He began swimming at the age of six at a local summer spot called Stone's Crossing in Pennsylvania, participating in intensive workouts approximately five times a week. By age 12, swimming had become a sport he not only enjoyed immensely but also excelled at, though he did not initially foresee a future as a champion.

During his junior year in high school, his dedication to swimming intensified. An article mentions he swam for Winchester High School, though another source indicates he was raised in Easton, Pennsylvania, and an obituary for a family acquaintance mentions Easton High School. Given his upbringing in Easton, it is more probable he attended Easton Area High School or a similar institution in that region. Regardless of the specific high school, it was during this period that he became "practically addicted to swimming". He trained extensively, including at the Jack Nelson Swim Camp in Fort Lauderdale, Florida, alongside other aspiring young swimmers from across the country. This camp, located at the International Swimming Hall of Fame Aquatic Complex, was run by Jack Nelson, a 1956 U.S. Olympic swimmer and later a U.S. Olympic women's team head coach.

Korhammer credits Nelson with dramatically improving his performance, helping him reduce his 100-meter breaststroke time significantly (e.g., from 1:13 to 1:07). This training transformed him from one of the nation's top 500 swimmers to a top 50 contender.

Jack Nelson described Korhammer as a "brilliant man who had great physiological ability that he was unaware of" and who "gobbled up" the coaching offered.

This intensive training and early success laid the groundwork for his subsequent achievements at the collegiate and international levels.

2. Princeton University: Academics and Athletic Prowess

Richard Korhammer matriculated at Princeton University in 1984, successfully balancing a rigorous academic schedule with a demanding career as a world-class swimmer.

2.1 Academic Achievements

Korhammer graduated from Princeton University in 1989 with a Bachelor of Science in Engineering (B.S.E.) degree, dually majoring in Electrical Engineering and Computer Science. He also earned a Certificate (akin to a minor) in Operations Research from the Civil Engineering Department. The management team at his later venture, Lava Trading, was noted for its cerebral nature, with degrees in computer science, electrical engineering, and finance, often accompanied by honors such as summa cum laude, valedictorian, and "with distinction," though specific academic honors for Korhammer from Princeton are not detailed in the provided materials beyond his degree itself. Some sources incorrectly list his graduation year as '87 based on swimming achievements, but academic and biographical sources confirm 1989.

This strong academic foundation in engineering and computer science provided him with the technical acumen that would become a hallmark of his career in financial technology. His education at such a prestigious institution, combined with a challenging dual major and a minor in a quantitative field, demonstrates early intellectual capacity and a penchant for complex problem-solving.

2.2 Stellar Swimming Career at Princeton

While excelling academically, Korhammer also made significant waves in the pool for the Princeton Swim team. He held several university swimming records. His time of 54.43 in the 100-yard breaststroke ranked him second on the all-time Eastern Intercollegiate Swimming League (EISL) list behind teammate Garth Fealey.

A significant highlight of his Princeton swimming career was being part of two NCAA championship-winning 200-yard medley relay teams.

• In 1989, the foursome of Mike Ross '90, Ty Nelson '91, Rich Korhammer '89, and Rob Musslewhite '92 won the NCAA title in the 200-yard medley relay. Their winning time was 1:28.36. This victory was particularly notable as it was Princeton's first NCAA swimming title since Charlie Campbell won the 200 backstroke in 1972.
• The following year, in 1990, Princeton again captured the NCAA 200-yard medley relay title. While Korhammer had graduated by then, the team, composed of Mike Ross '90, Ty Nelson '91, Leroy Kim '93, and Erik Osborn '90, set an American record in their victory. Their time was 1:27.31.

Korhammer was recognized as an All-American swimmer at Princeton and an NCAA record holder. His achievements contributed significantly to the legacy of Princeton swimming under Coach Rob Orr.

2.3 U.S. National Swimming Team: International Gold Medals and World Record

Korhammer's swimming talent extended to the international stage as a member of the United States National Swimming team. He amassed an impressive collection of five international gold medals: two at the Pan American Games and three at the Pan Pacific Championships.

• 1987 Pan American Games (Indianapolis, USA):
  • Gold medal in the men's 100-meter breaststroke with a time of 1:03.85.
  • Gold medal as part of the U.S. team in the 4x100-meter medley relay.
• 1987 Pan Pacific Championships (Brisbane, Australia):
  • Part of the U.S. team that won gold in the 4x100-meter medley relay with a time of 3:43.65. His split for the breaststroke leg was 1:02.36.
• 1989 Pan Pacific Championships (Tokyo, Japan):
  • Gold medal in the men's 100-meter breaststroke with a time of 1:02.95.
  • Member of the U.S. team that won gold in the 4x100-meter medley relay with a time of 3:39.27. His breaststroke split was 1:01.78.
  • A third gold medal at the 1989 Pan Pacific games was for the 50-meter medley relay. However, official results from the 1989 Pan Pacific Championships do not typically list a 50-meter medley relay as a standard event.

Furthermore, Korhammer was a member of a U.S. National Swimming team that set a World Record in a medley relay. While the specific event, date, and teammates for this world record are not detailed, the U.S. men's 4x100m medley relay teams were consistently setting world records during that era.

Korhammer was also an Olympic prospect, nearly qualifying for the 1988 Seoul Olympics but finishing third in the pre-Olympic trials. He continued to train with coach Jack Nelson at the Hall of Fame pool for the 1992 Olympics.

His experiences as a competitive swimmer, demanding immense discipline, vision, and dedication, would later be cited by Korhammer as influential in his approach to business. It was also during his swimming career, while training in Australia for the Pan Pacific Games, that he met his wife, Lara Hooivld, herself a champion breaststroke swimmer who represented Australia at the 1988 Olympics.

3. The Genesis of a FinTech Pioneer: NeXT Computers

Upon graduating from Princeton, Richard Korhammer embarked on a career path that would soon place him at the intersection of technology and finance. His first significant role was at NeXT Computers, the company founded by the visionary Steve Jobs after his initial departure from Apple. NeXT was later acquired by Apple Computers.

3.1 Early Career at NeXT: Role under Steve Jobs, Contributions

At NeXT Computers, Korhammer served in roles including systems engineer and in business development. While specific projects or the exact tenure of his employment at NeXT are not extensively detailed in the provided materials, working at a company led by Steve Jobs during a period of significant technological innovation would have been a formative experience. NeXT was known for its advanced technology, particularly its object-oriented software development tools and its influential NeXTSTEP operating system, which eventually became the foundation for Apple's macOS and iOS.

This early exposure to cutting-edge software development and a high-stakes business environment under a renowned innovator like Jobs undoubtedly shaped Korhammer's technological understanding and entrepreneurial mindset. One account notes that after his stint at NeXT, he became a technology consultant to investment banks, a role that would directly lead him into the financial services industry. This transition suggests that his time at NeXT provided him with a unique skill set applicable to the burgeoning field of financial technology. The environment at NeXT, known for its demanding standards and focus on groundbreaking technology, likely honed his problem-solving abilities and instilled an appreciation for robust and scalable systems – qualities that would become critical in his subsequent ventures in electronic trading.

4. Entrepreneurial Ventures and Executive Leadership

Richard Korhammer's career trajectory took a decisive turn towards entrepreneurship and high-level executive roles within the financial technology sector. His ability to identify market needs and leverage technology to create innovative solutions became a recurring theme.

4.1 Lava Trading: Co-founding, CEO, Innovation, Acquisition by Citigroup, and Post-Acquisition Role

Lava Trading Inc. stands as a cornerstone of Richard Korhammer’s entrepreneurial legacy. He co-founded the company in 1999 and served as its Chairman and Chief Executive Officer. Lava Trading quickly emerged as a significant player, described as one of the first execution management systems (EMS) and the largest independent provider of high-performance trading solutions to the financial services industry.

Lava Trading was established to provide innovative equities and foreign exchange (FX) direct market access and order management system platforms. The company was founded by Korhammer and his engineering colleagues, with a name that was a "subtle nod to differential geometry and the construction of surfaces," reflecting the idea that below the visible "surface" of the market (the top of the book) is where the real action lies.

The company's focus was on developing unique, high-performance trading solutions built as true Application Service Provider (ASP) solutions, designed to withstand maximum volumes in volatile market conditions. This focus on robust, scalable technology was crucial in an era of rapidly electronifying markets. Korhammer, along with Kamran Rafieyan (CIO) and other Princeton alumni like CFO James Paddon, formed a highly cerebral management team. They even had a company band, "The Lava Band," in which Korhammer played guitar, suggesting a dynamic and engaging company culture.

The decision to build Lava Trading stemmed from Korhammer's experience as a technology consultant to investment banks, where he identified the need for more sophisticated electronic trading tools. This direct insight into the evolving needs of financial institutions, combined with his strong engineering background, was fundamental to Lava's innovative approach.

Lava Trading rapidly gained traction, becoming a market-share leader in direct access, enabling investors to trade directly with each other, bypassing traditional stock exchanges. Its client base included most of the top 20 U.S. investment banks, market makers, hedge funds, and institutional investors. The company was headquartered in New York City with offices in California, Connecticut, and the United Kingdom.

A key aspect of Lava's innovation was its patented technology. Korhammer himself has been awarded several patents in the area of trading technologies. One significant patent associated with Lava Trading, listing Richard A. Korhammer and Kamran L. Rafieyan as inventors and Lava Trading, Inc. as the assignee, is US Patent 6,278,982 B1, titled "Securities trading system for consolidation of trading on multiple ECNS and electronic exchanges".

• Filing Date: April 20, 1999
• Grant Date: August 21, 2001
• Abstract: The patent describes a computer system for trading and analyzing securities that aggregates and integrates securities trading information and order placement from various alternative trading systems (ATS), such as electronic communication networks (ECNs). It aimed to provide traders with a consolidated view and access to fragmented liquidity across multiple electronic venues.

This technology addressed a critical challenge in the increasingly electronic and fragmented marketplace by offering tools to efficiently source liquidity and manage orders across different ECNs and exchanges. In 2003, Lava Trading filed a patent on its technique for aggregating market data and placing some trades while hiding others, a sophisticated approach to navigating the complexities of market microstructure. This aligns with the concepts in patent US6278982B1. LavaFlow Inc. (the entity post-Citigroup acquisition) became known for its market-participant ID (MPID) "FLOW," which was ubiquitous in trading messages.

Lava Trading raised $30 million in a Private Equity round on April 9, 2002, from TA Associates. This funding undoubtedly fueled its growth and technological development.

It is important to note that another patent sometimes mentioned in the context of advanced trading systems, US Patent 7,921,054 B2 ("System and method for block trading"), lists Sam Balabon as the inventor and Deep Liquidity Inc. as the assignee, with application and priority dates in 2007 and 2006, respectively, and a grant date of April 5, 2011. Richard Korhammer is not listed as an inventor for this specific patent.

The success and innovative prowess of Lava Trading culminated in its acquisition by Citigroup Inc. in 2004 for a reported sum of approximately $500 million. This acquisition was a significant move by Citigroup to bolster its electronic trading capabilities and was part of a broader trend of large brokers bringing dark pool technology in-house.

Following the acquisition, Lava Trading operated as an independent, wholly-owned subsidiary of Citigroup to ensure the confidentiality of client data. Richard Korhammer remained with Citigroup for two years, until 2006, as a Managing Director, heading Global Equities Electronic Execution. This role involved managing Citigroup's global electronic trading operations in equities, a testament to his expertise and the value Citigroup placed on his leadership. His successful guidance of Lava from inception to a major acquisition by a global financial institution firmly established him as a pioneering figure in the e-trading landscape. After his tenure at Citigroup, he reportedly took a year off and moved to Australia before re-engaging in various leadership and advisory roles.

The sale of Lava Trading was a landmark event, showcasing the immense value created by innovative FinTech firms. It also highlighted Korhammer's ability to not only conceptualize and build a successful technology company but also to navigate it through a major strategic exit, a critical skill set for any entrepreneur.

4.2 SR Labs: CEO and the Wombat Challenge

In September 2014, Richard Korhammer took on the role of Chief Executive Officer at SR Labs (Street Response Laboratories). SR Labs, founded in 2007 by former Merrill Lynch senior consultant Srinivasan Ramiah, was a New York-based provider of low-latency market data and feed handler solutions. Korhammer's appointment followed SR Labs' momentous acquisition of Wombat Financial Software from Intercontinental Exchange's (ICE) NYSE Technologies division in July 2014. This acquisition, for an undisclosed price, was intended to significantly expand SR Labs' high-performance execution and market data offerings. The company had also received a $53 million funding injection from private equity firm Insight Venture Partners in 2013.

As CEO, Korhammer, described as an "e-trading pioneer," was tasked with leading the integration of Wombat and capitalizing on the combined entity's strengths. At the time, SR Labs counted ten of the top 20 investment banks as clients, indicating a strong presence in large institutional infrastructure, though it had maintained a relatively low profile. The strategy was to leverage Wombat's market data management capabilities with SR Labs' ultralow-latency systems, particularly as clients sought to reduce costs and operational complexity. Planned product rollouts under his leadership included a historical tick capture service leveraging Wombat's SuperFeed and SR Labs' recording capabilities, and a global exchange simulator to help users test feed handlers and algorithmic strategies more cost-effectively. Korhammer acknowledged the competitive landscape, stating they were in "a crowded space" but believed that correct execution of their strategy "can make a tremendous difference".

However, Korhammer's tenure at SR Labs was brief. He resigned in February 2015, after less than six months in the role. SR Labs officials did not comment directly on his departure but confirmed they were seeking a replacement. This unexpectedly short period at the helm, particularly for a high-profile leader brought in after a significant acquisition and during a phase of ambitious product development, suggests potential underlying complexities. These could have ranged from challenges in integrating Wombat's technology and culture, to differing strategic visions with the board or private equity backers, or perhaps a personal reassessment of the role's fit. Such an early departure by a CEO in a strategic, post-acquisition integration phase is noteworthy and underscores the demanding nature of leadership in rapidly evolving technology sectors, even for seasoned executives. It may also reflect Korhammer's decisiveness in moving on if a situation is not optimally aligned with his strategic approach or personal objectives.

4.3 Yieldbroker: Chairmanship and Strategic Exit

Richard Korhammer has demonstrated long-term strategic oversight in the exchange sector through his significant tenure as Chairman of the Board of Directors for Yieldbroker, a Sydney, Australia-based debt and derivatives exchange (also described as a financial exchange). He assumed this role in January 2012. Yieldbroker was owned by a consortium of global debt market participants, including major banks such as Citi, Deutsche Bank, and Macquarie.

During his chairmanship, Yieldbroker underwent significant strategic developments. In November 2014, the 12 bank owners of Yieldbroker sold a 49% stake in the company to ASX Group, the Australian Securities Exchange operator. At the time of this transaction, Korhammer commented on the rapid evolution of market infrastructure and Yieldbroker's position at the forefront of this innovation, expressing enthusiasm for partnering with ASX to accelerate growth and capitalize on opportunities for additional products.

Korhammer's leadership at Yieldbroker spanned over a decade and culminated in another major strategic transaction: the final sale of Yieldbroker to Tradeweb, a leading global operator of electronic marketplaces for rates, credit, equities, and money markets, in September 2023. This successful exit marked the culmination of his long-term strategic guidance.

His extended chairmanship of an international financial exchange, navigating it through partial and full acquisitions by major market players like ASX Group and Tradeweb, underscores his capability in providing sustained strategic leadership and maximizing shareholder value in diverse geographical markets. This role expanded his experience beyond equities and FX into the intricacies of debt and derivatives markets and international corporate governance, further solidifying his reputation as a globally recognized expert in financial market infrastructure.

4.4 Lightyear Capital: Senior Advisor in Private Equity

In July 2013, Richard Korhammer was appointed Senior Advisor to Lightyear Capital LLC, a New York-based private equity firm with a focus on investing in the financial services sector. His mandate was to leverage his extensive background in financial technology to help Lightyear identify and evaluate investment opportunities in financial technology and capital markets.

Lightyear Capital's leadership lauded Korhammer's appointment. Donald B. Marron, then Chairman of Lightyear, highlighted Korhammer's "extensive background in financial technology and capital markets and his management and strategic leadership experience" as assets to the firm. Mark Vassallo, Managing Partner of Lightyear, emphasized his "invaluable entrepreneurial experience" and "extensive knowledge of capital markets structure across asset classes".

A notable project during his advisory tenure was assisting Lightyear in evaluating its investment in REDI Holdings. REDI was a leading broker-neutral technology platform for global trading in equities and derivatives, spun off from Goldman Sachs. Lightyear Capital was the sole private equity participant in a consortium of investors that included BofA Merrill Lynch, Barclays, BNP Paribas, Citadel, and Goldman Sachs. Korhammer himself added that he looked forward to bringing his experience to help identify and evaluate opportunities for Lightyear, a firm with a "strong industry reputation".

This senior advisory role marked a significant phase in Korhammer's career, allowing him to apply his operational and entrepreneurial acumen gained from building Lava Trading to influence capital allocation and strategic direction at a portfolio level within a private equity context. His involvement in a complex and high-profile deal like REDI underscored the continued high regard for his judgment and network within the execution management systems (EMS) and order management systems (OMS) space, an area he knew intimately from his Lava Trading days. This position further cemented his status as a respected expert and influencer in the FinTech investment community.

4.5 The Receivables Exchange (TRE): Chairman of a Pioneering Platform

Richard Korhammer also served as Chairman of The Receivables Exchange (TRE). TRE was an innovative online platform for the trading of accounts receivable, catering to small and medium-sized businesses (SMBs) as well as Fortune 500 companies seeking working capital solutions.

The Receivables Exchange was founded by Justin Brownhill, who would later co-found SenaHill Partners with Neil DeSena. TRE was a pioneering venture, recognized as the first-to-market real-time online institutional marketplace for buying and selling working capital, a market valued at $17 trillion. The platform achieved significant recognition, including being named by The Wall Street Journal in 2010 as the most innovative e-commerce company globally. TRE also entered into a joint strategic venture with the New York Stock Exchange (NYSE) and attracted prominent investors such as the NYSE and Bain Capital. Justin Brownhill himself received numerous accolades for his leadership at TRE.

While the specific timeline and achievements during Korhammer's chairmanship at TRE are not extensively detailed in the available information, his involvement as Chairman of such an innovative and recognized platform added another dimension to his FinTech expertise. It demonstrated his ability to apply his understanding of market structure and electronic platforms to a different asset class (receivables) and a distinct segment of financial technology focused on SME financing and working capital.

The connection with Justin Brownhill at TRE is noteworthy. Their collaboration on this venture likely predates their formal association at SenaHill Partners and suggests a shared vision for leveraging technology to create new financial marketplaces. TRE's model of establishing an electronic marketplace for an asset class like receivables bears conceptual similarities to Lava Trading's creation of electronic trading solutions for equities and FX. This shared experience at TRE likely solidified their professional relationship and potentially influenced the investment and advisory philosophy of SenaHill Partners.

4.6 Chardan: Co-Heading FinTech Investment Banking

More recently, Richard Korhammer has taken on the role of Managing Director and Co-Head of FinTech Investment Banking at Chardan. This position places him squarely on the deal-making side of the financial technology industry, where he leverages his extensive operational, entrepreneurial, and advisory experience to guide Chardan's investment banking activities in the sector.

Chardan Capital Markets LLC has been active in the FinTech space, notably as the representative of the underwriters for Quantum FinTech Acquisition Corporation, a Special Purpose Acquisition Company (SPAC). Richard Korhammer's connection to this ecosystem is further evidenced by his role as a director nominee for Quantum FinTech Acquisition Corp., as disclosed in a February 2021 SEC filing, and his subsequent position as a director of AtlasClear Holdings, Inc. following its business combination with Quantum in February 2024.

His role at Chardan, coupled with his directorship in a SPAC affiliated with the firm, signals a strategic positioning at the confluence of identifying promising FinTech companies and facilitating their access to capital and public markets. His profound industry knowledge, cultivated through founding Lava Trading, advising Lightyear Capital, and chairing both Yieldbroker and The Receivables Exchange, makes him exceptionally qualified to vet, guide, and support FinTech companies through the complex processes of capital raising, mergers and acquisitions, and public listings. This current role represents a natural evolution in his career, allowing him to actively shape the future of the FinTech landscape by empowering the next generation of innovators.

5. Overall Accomplishments, Influence, and Recognition

Richard Korhammer's career is distinguished not only by his entrepreneurial successes and executive leadership but also by his broader contributions to the financial industry, his commitment to his athletic roots, and the recognition he has received for his achievements.

5.1 Board Memberships and Industry Contributions

Beyond his primary corporate roles, Korhammer has dedicated time and expertise to various industry and non-profit organizations:

• International Swimming Hall of Fame (ISHOF): Demonstrating a continued commitment to the sport where he first achieved prominence, Korhammer served as President and a member of the board of directors of ISHOF. His leadership role in such a prestigious organization highlights his dedication to preserving and promoting the legacy of swimming.
• Financial Industry Committees and Advisory Roles: Korhammer has been an influential voice in shaping the structure and regulation of financial markets.
  • He was a member of the NASDAQ UTP Plan Advisory Committee.
  • He served as Chairman of SIFMA's (Securities Industry and Financial Markets Association) Equity Markets and Trading Committee.
  • He was a participant on the Security Traders Association (STA) Market Structure Analysts Committee and the Canadian STA (CSTA's) Trading Issues Committee.
  • He has been a frequent contributor at policy forums concerning U.S. equity markets and an active participant at several meetings of the SEC's Equity Market Structure Advisory Committee (EMSAC).

His active participation in these high-level committees underscores that his expertise is sought after not merely for building individual companies, but for contributing to the broader dialogue on market regulation, structure, and best practices. This level of involvement indicates recognition by peers and regulatory bodies as a thought leader whose insights, drawn from his pioneering work in electronic trading, are valuable in shaping the financial landscape. Such engagement provides a platform to influence policy, which in turn can impact the entire industry, and offers early perspectives on potential regulatory shifts and market trends—an invaluable asset for his entrepreneurial and advisory endeavors.

5.2 Awards and Accolades

Richard Korhammer's contributions to entrepreneurship and financial technology have been recognized through several prestigious awards:

These accolades, particularly those received during his leadership at Lava Trading, highlight the significant impact he made as an innovator and entrepreneur in the highly competitive New York financial technology arena during a transformative period for electronic trading. Such recognition would have undoubtedly enhanced his personal and professional standing, contributing to Lava Trading's profile and facilitating his subsequent high-level advisory and board appointments.

5.3 Leadership Philosophy and Vision

Glimpses into Richard Korhammer's leadership style and vision can be pieced together from his public statements and career choices:

• Discipline and Dedication from Athletics: Korhammer explicitly states that he applies lessons from his competitive swimming career to his business endeavors, emphasizing that "Both require a lot of discipline, vision and dedication". This suggests a foundational belief in rigorous preparation, focused effort, and a clear sight of objectives.
• Strategic Clarity and Team Alignment: In an interview, he stressed the importance of distilling complex strategies into a concise, single-page format to ensure team-wide understanding and consistency. This "one-page strategy" approach, a lesson he credited to former Boeing and Ford CEO Alan Mulally, focuses on clearly defining "what we do, why we do it, and how we're going to go do it." The process involves robust team debate to ensure collective belief and ownership of the strategy. This indicates a leadership style that values clarity, shared understanding, and collaborative input for navigating complex business environments.
• Focus on Innovation and Execution: His comments as Chairman of Yieldbroker ("Markets infrastructure has evolved rapidly in recent years and Yieldbroker has been at the forefront of this innovation") and as CEO of SR Labs (believing that correct strategic execution in a "crowded space... can make a tremendous difference") reveal a consistent focus on staying ahead of market evolution through innovation and effective execution.

This blend of athletic discipline, strategic clarity, team collaboration, and a relentless focus on innovation and execution appears to be a core component of his leadership philosophy. Such an approach was likely instrumental in the success of Lava Trading and remains a valuable asset in his current advisory and board capacities where guiding strategic direction is paramount.

5.4 Philanthropic Activities and Personal Interests

Beyond his professional achievements, Richard Korhammer maintains connections to his personal passions and engages in philanthropic efforts:

• Swimming for Charity and Recreation: He and his wife, Lara Hooivld, participate in "Swim Across America," a fundraising event for the Memorial Sloan-Kettering Cancer Center. He also continues to swim for exercise and recreation, including undertaking challenging swims like a four-mile crossing of the Long Island Sound. This demonstrates a continued commitment to swimming, leveraging his passion for charitable causes.
• The Lava Band: While at Lava Trading, Korhammer played guitar in "The Lava Band," which included other senior executives from the company such as CIO Kamran Rafieyan and COO Chuck Allen. The band reportedly gigged around Greenwich Village. This, along with mentions of Lava staff attending Yankee games and sailing together, suggests a company culture that fostered camaraderie and a degree of work-life integration. Such activities can contribute positively to team cohesion and a creative work environment.
• Personal Detail: Richard Korhammer's height is listed as 6' 3" (1.91 m).

These personal interests and philanthropic activities paint a picture of a well-rounded individual who integrates his passions with his professional life and community involvement, potentially influencing a more relational and inspiring leadership style.

Part II: SennaHill Partners: A Merchant Bank for the FinTech Era

SennaHill Partners has carved out a distinct niche in the financial technology landscape, operating as a merchant bank that combines principal investing with strategic advisory services. Its foundation by industry veterans and its focused mission have shaped its approach to nurturing and capitalizing FinTech innovation.

6. Genesis and Mission of SennaHill Partners

SennaHill Partners was established in 2013 by Neil DeSena (now in memoriam) and Justin Brownhill, both seasoned Wall Street professionals with deep operational and entrepreneurial experience in financial technology. The concept for SennaHill originated in 2012 when DeSena and Brownhill, whose paths crossed through their children's activities in Manhattan, found themselves frequently approached by industry colleagues seeking guidance on developing FinTech products.

Neil DeSena was notably the head of REDI (Global Multi-Asset Trading System) between 2000 and 2006, during its ownership by Goldman Sachs. Justin Brownhill was the founder, CEO, and Chairman of The Receivables Exchange (TRE), a pioneering online marketplace for working capital that garnered significant accolades, including recognition from The Wall Street Journal as a top e-commerce innovator and backing from investors like the NYSE and Bain Capital.

This "operator DNA" is a defining characteristic of SennaHill. At the time of a 2015 Markets Media article, seven of their eight managing directors were themselves founders of companies who had experienced successful exits. This collective first-hand experience of building, scaling, and exiting FinTech-related ventures provides SennaHill with an intrinsic understanding of the entrepreneurial journey, differentiating the firm from traditional investment banks or venture capital firms that may lack such deep, hands-on operational insight. This "by entrepreneurs, for entrepreneurs" ethos likely makes SennaHill a particularly attractive partner for early-stage FinTech companies seeking not just capital, but credible, experienced guidance.

The core mission of SennaHill Partners is to act as a vital conduit between entrepreneurial innovators in financial technology and established global financial institutions. Their stated goal is to "get the right ideas in front of the right people better than anyone else" and to strategically connect the creators of technology with its consumers.

"SenaHill bridges the gap between disruptive FinTech innovators and global financial institutions to bring a new level of efficiency, collaboration, and success to the industry".

This mission extends beyond simple matchmaking. By leveraging their profound industry experience and extensive networks—claiming over 150 years of collective operating experience and being "no more than half a degree separated from every decision maker in the financial services industry"—SennaHill aims to curate and validate these connections. They function as a trusted filter and accelerator, identifying promising innovations for institutional partners while guiding startups in their engagement with large, complex organizations. This curated role can significantly reduce friction and accelerate time-to-market for FinTech solutions, while simultaneously helping large institutions de-risk their adoption of emerging technologies.

7. Business Model and Service Offerings

SennaHill Partners employs a distinctive merchant banking model, strategically designed to support FinTech companies throughout their lifecycle.

7.1 The Merchant Banking Approach: Principal Investing and Investment Banking

SennaHill's operational framework is built upon two primary, complementary pillars: Principal Investing, conducted through SenaHill Investment Group, LLC, and Investment Banking, delivered via SenaHill Advisors, LLC. This integrated model allows the firm to engage with companies from their nascent stages through to maturity and strategic exits.

This merchant banking model fosters a symbiotic relationship between SennaHill's investing and advisory activities. Insights gleaned from early-stage investments inform their advisory work with more mature companies, while their advisory engagements can, in turn, uncover new investment prospects. This creates a virtuous cycle, allowing SennaHill to offer holistic, informed support and position itself as a long-term strategic partner rather than merely a transactional service provider or passive investor.

7.2 Target Industries and Ecosystems within FinTech

SennaHill Partners maintains an exclusive focus on the Financial Technology (FinTech) sector. Recognizing that FinTech is not a monolithic entity, the firm has strategically defined several major vertical ecosystems to concentrate its expertise and resources. These include:

This specialization within the broader FinTech landscape allows SennaHill to cultivate deeper domain expertise and more relevant networks within each vertical. Each of these sub-sectors possesses unique regulatory frameworks, competitive dynamics, and technological requirements. By focusing, SennaHill can offer more nuanced understanding and targeted value creation. For instance, the strategic hiring of Richard Korhammer to lead capital markets and InsurTech advisory services signifies a deliberate effort to build out specialized expertise in these key areas. This focused approach likely enhances their credibility and effectiveness with both startups and institutional clients within these verticals, enabling them to better anticipate trends and address specific challenges.

8. Leadership, Impact, and Richard Korhammer's Role

The strength of SennaHill Partners lies significantly in its leadership team, composed of individuals with proven track records in the FinTech domain, and its ability to leverage this collective experience for impactful results.

8.1 Key Leadership and Advisory Team

SennaHill was co-founded by Neil DeSena (in memoriam) and Justin Brownhill, who serves as Managing Partner. The leadership includes Richard Korhammer as Managing Director, Head of Technology. Other key members of the team include Gregg Sharenow (Partner and Chief Financial Officer), George Chrisafis (Managing Director), Bill Shraga (Managing Director, Head of Banking, Lending & Payments Technologies), Ben Bromberg (Managing Director, Head of Execution), Mayerlin Garcia (Senior Director), R. Todd Ruppert (Managing Director International), Alan Ginsberg (Senior Banker), Tod Perkins (Senior Banker), and Kyle Zasky (Limited Partner & Advisor).

A crucial component of SennaHill's structure is its formidable roster of active and inactive advisors—former top executives and influencers in the financial industry who provide startups with exposure, introductions, guidance, and insights. This human capital-centric approach, emphasizing collective operational wisdom and high-level industry relationships, allows SennaHill to offer a level of mentorship and strategic guidance that extends far beyond typical financial backing.

8.2 Richard Korhammer: Managing Director, Head of Technology – Contributions and Influence

Richard Korhammer joined SenaHill Partners as Managing Director, Head of Technology. In March 2018, his role was expanded to also lead the firm's capital markets and InsurTech advisory services. Given his extensive career marked by senior roles in technology, finance, and exchange sectors, particularly his success with Lava Trading and Yieldbroker, Korhammer's appointment was a strategic move by SennaHill to significantly deepen its domain expertise.

As Head of Technology, and spearheading advisory in Capital Markets and InsurTech, Korhammer's profound background in building and leading successful FinTech companies is directly aligned with SennaHill's core strategic focus areas. His personal brand, established network, and proven track record in trading technology and market structure are invaluable assets that enhance SennaHill's value proposition. He is not merely an employee but a strategic pillar, providing a "seal of approval" and deep operational insight for the companies SennaHill invests in or advises. This is particularly crucial in complex and rapidly evolving areas like trading technology and insurance technology, where his firsthand experience offers unique credibility and guidance. While specific deals or projects spearheaded by Korhammer at SenaHill are not extensively detailed in the available press releases, his influence is implicit in the firm's positioning and capabilities within its targeted FinTech verticals.

8.3 Notable Investments, Transactions, and Market Reputation

SennaHill Partners has actively engaged in both principal investing and investment banking, building a portfolio and a reputation within the FinTech community.

• Investment Activity: As of June 2022, SenaHill Investment Group had made 30 investments. Their portfolio includes companies like Valkyrie (Series B investment in June 2022), WealthForge, and CAIS. The firm had also realized 3 portfolio exits by June 2023, notably the asset sale of Symbiont to LM Funding America.
• Advisory Successes: By mid-2015, SenaHill Advisors had already participated in approximately 20 growth capital raises and had completed its first FinTech M&A transaction. LeapXpert, a federated messaging orchestration platform, is a known client that adopted SenaHill's services for its own communication needs, underscoring trust in SennaHill's operational acumen.
• Market Reputation: SennaHill has cultivated a reputation for being a unique entity in the FinTech ecosystem, capable of supporting companies throughout their lifecycle. The firm's leadership often emphasizes that their contribution is more than just capital; as co-founder Justin Brownhill (or Neil DeSena) was quoted, "We're not always the largest check, but we like to think we're the most important, because with our check comes us". This sentiment reflects their commitment to providing experience, knowledge, and access. Their "acceleration" services for early-stage companies are central to this value proposition, aiming to provide tangible operational and strategic guidance. This hands-on, value-added approach positions SennaHill as an ecosystem builder, nurturing FinTech innovation by providing both capital and deep operational support.

Part III: APX Group: Entertainment Finance Reimagined

APX Group (referring to the entity found at theapxgroup.com, distinct from the European energy exchange of a similar name) is an ambitious venture aiming to reshape the landscape of entertainment finance and production. Led by Adi Cohen, the group is integrating traditional film funding mechanisms with innovative blockchain technologies.

9. The Vision of APX Group

APX Group is spearheaded by Adi Cohen, who serves as its Legacy Founder and Chairman of the Board of Directors. Cohen brings a distinctive background to the entertainment industry, described as an expert in high-risk securities and derivatives, with extensive experience in venture capital investments dating back to 1992. He is reportedly active in major global stock markets and has been involved in entertainment investments through various financial packages and instruments for the film and television industry, as well as seed investments in media and technology companies.

Cohen is credited with leading APX Group's overarching philosophy and strategy, focusing on expanding its global network and designing the intended autonomy of its monetary structure. APX Group itself is characterized as a film, media, and entertainment fund based in New York and London, owned by a consortium of studios, post-production facilities, and private financiers from the US and Europe. While an exact founding date for APX Group is not explicitly stated, Adi Cohen's venture capital activities trace back to 1992, and a significant number of the group's major deals and partnerships have been announced between 2021 and 2023.

This leadership, with deep roots in sophisticated financial markets and a clear focus on the entertainment sector, positions APX Group to employ a diversified and innovative toolkit. The strategy appears to blend traditional funding mechanisms with emergent decentralized finance (DeFi) concepts, aiming to create a new paradigm for how entertainment projects are financed, produced, and distributed.

The stated mission of APX Group is to provide a "revolutionary and constant solution for filmmakers and content creators to complete their work and distribute it internationally". This is to be achieved through its expanding global network of owned and partnered studios and production facilities. A core component of this vision is the APX Group ecosystem, a decentralized platform designed to provide services for the entertainment industry and streamline the distribution process for movies and other forms of entertainment. Furthermore, APX Group also functions as a completion bond company, overseeing the entire production process from inception to completion.

This mission seeks to address long-standing challenges within the traditional film industry, such as opaque financing structures, limited access for new and diverse talent, and complex, often restrictive, distribution channels. By aiming to create a decentralized ecosystem, APX Group endeavors to democratize access to funding and distribution, offering more transparent and efficient mechanisms for creators.

10. Business Model and Innovative Ventures

APX Group's business model is characterized by its integration of physical production infrastructure with digital, decentralized financial tools, most notably its proprietary cryptocurrency and partnerships in the Web3 space.

10.1 A Decentralized Ecosystem for the Entertainment Industry

APX Group is actively developing a decentralized platform tailored for the entertainment industry's service needs. This digital ecosystem is complemented by a growing global network of physical assets, including owned studios and post-production facilities. A significant move in this direction was the acquisition of a 50% stake in the UK's historic Twickenham Film Studios in March 2023, with plans to rebrand APX's global network of studios under the Twickenham name. APX Group is also involved in the creation and use of Non-Fungible Tokens (NFTs) and its own Utility Coin, the APXCOIN, intended for exchange and payment exclusively within its ecosystem.

This strategy of combining tangible production assets with a decentralized digital framework aims to create a vertically integrated model. Such integration is uncommon in the entertainment sector and could allow APX Group to control a larger portion of the value chain, offering end-to-end services to filmmakers. This hybrid approach may offer unique synergies, enabling optimization of resource allocation, streamlined production workflows, and the creation of novel financing and distribution models that leverage both traditional infrastructure and the efficiencies of blockchain technology.

10.2 The APXCOIN and T4L3NT Net: Leveraging Blockchain and Cryptocurrency

Central to APX Group's innovative approach is the APXCOIN, a utility coin minted on the T4L3NT Net blockchain. T4L3NT Net (also referred to as TALNT Net) was created by Decentralized Pictures (DCP), a partner organization, and is a decentralized proof-of-stake consensus blockchain specifically designed with security and transparency for the entertainment industry in mind. The APXCOIN itself is based on the Tezos blockchain technology.

The APXCOIN is designed to function as a primary payment mechanism and a governance tool within the APX Group ecosystem. Its utility extends to purchasing services offered within the ecosystem, such as production, post-production, and visual effects. Furthermore, APXCOIN holders are envisioned to have the ability to participate in the governance of the platform, voting on important decisions related to its rules and regulations. The funds raised through APXCOIN are intended to be used, among other things, to finance investment activity in entertainment, particularly film and TV production, and to acquire underlying assets.

This ambitious project aims to create a self-contained, tokenized economy for entertainment production and services. It signifies an effort that goes beyond merely using cryptocurrency for fundraising; it seeks to build an entire operational and governance framework on-chain. This model could potentially lead to greater efficiency, enhanced transparency, and novel incentive structures within their entertainment ecosystem. However, its success will depend on factors such as widespread adoption, ensuring liquidity for the APXCOIN, and navigating the inherent complexities of blockchain governance and evolving regulatory landscapes.

10.3 Partnership with Decentralized Pictures (DCP)

A key strategic alliance for APX Group is its partnership with Decentralized Pictures (DCP). DCP is a U.S.-based 501(c)(3) non-profit organization co-founded by the legendary American Zoetrope film production company (established by Francis Ford Coppola and George Lucas, and now run by Roman, Sofia, and Gia Coppola). Roman Coppola is also a co-founder of DCP itself.

DCP's mission is to discover and support new and innovative filmmaking talent through a democratic film fund. It operates a platform where anyone can submit film ideas, and the community, using DCP's own digital currency (FILMCredit, to be rebranded as $TALNT as it migrates to the Base Appchain from TALNT Net), participates in curating and deciding which projects receive financing and support.

In August 2022, it was announced that APX Group partnered with Decentralized Pictures on a cryptocurrency initiative to help finance projects by up-and-coming directors. This collaboration involves APX offering selected filmmakers financial awards (totaling a reported €5 million) through DCP's Web3 structure, along with access to APX's network of production facilities in Europe and the U.S..

This partnership is significant as it lends considerable credibility and creative industry connections to APX Group's decentralized vision, aligning it with the respected Coppola family and the legacy of American Zoetrope. The relationship appears synergistic: DCP can function as a democratized, community-driven talent discovery and project incubation platform. APX Group can then potentially provide larger-scale funding, extensive production resources, and global distribution avenues for the most promising projects vetted and selected through DCP's unique model. This could create a novel pipeline bridging grassroots creative initiatives with the resources of a major entertainment fund, potentially fostering a more diverse and innovative slate of films.

11. Richard Korhammer's Advisory Role

Richard Korhammer serves as a Public Market Advisor to APX Group. In this capacity, he advises APX Group on its public market strategy, expansion initiatives, and investments.

11.1 Guiding Strategy, Expansion, and Investments

Given Richard Korhammer's extensive background in founding and leading technology companies (notably Lava Trading) to successful public market-relevant outcomes (acquisition by Citigroup), his experience with exchange mechanisms (Yieldbroker), his advisory work in private equity (Lightyear Capital), and his current role in FinTech investment banking (Chardan), he brings a wealth of relevant expertise to APX Group.

His involvement as a Public Market Advisor suggests that APX Group is leveraging his deep understanding of:

• Capital Markets: Navigating the complexities of public markets, potentially including strategies for an Initial Public Offering (IPO) or other public market financing, as APX Group has indicated plans for a public listing.
• Corporate Growth and Scaling: Advising on strategies for expanding APX Group’s global network of studios and services.
• Investment Strategy: Providing insights on structuring investments in film and media projects, as well as in related technology and infrastructure.
• FinTech Integration: Although APX Group is in the entertainment sector, its embrace of blockchain, cryptocurrency (APXCOIN), and decentralized platforms has strong parallels with the FinTech world. Korhammer's pioneering work in electronic trading platforms and financial technology makes his perspective particularly valuable as APX Group builds out its digital ecosystem.

His presence on the advisory board signals APX Group's serious intent to integrate sophisticated financial strategies and potentially tap public capital markets to fuel its ambitious vision for revolutionizing entertainment finance. His experience in building and scaling technology-driven platforms, coupled with his knowledge of financial market structures, aligns well with APX Group's dual focus on physical production capabilities and a decentralized digital ecosystem. While the entertainment industry has its unique dynamics, the underlying principles of market creation, platform development, and strategic financial management that Korhammer has mastered are highly transferable and crucial for APX Group's long-term objectives.

12. Conclusion: A Confluence of Disciplines

Richard Korhammer's career exemplifies a remarkable fusion of athletic discipline, technological innovation, and financial acumen. From setting records in international swimming pools to pioneering electronic trading solutions with Lava Trading, and subsequently guiding various enterprises in executive and advisory capacities, his journey has been characterized by a relentless pursuit of excellence and a forward-looking approach to industry challenges. His leadership at Lava Trading, culminating in its acquisition by Citigroup, marked him as a significant force in the electronification of financial markets. His subsequent roles at SR Labs, Yieldbroker, Lightyear Capital, The Receivables Exchange, and Chardan further illustrate his adaptability and enduring influence across diverse segments of the FinTech landscape, from market data and exchange technology to private equity and investment banking. His contributions extend beyond corporate achievements to active participation in shaping market structure and a continued dedication to his athletic origins through philanthropy and leadership at the International Swimming Hall of Fame.

SennaHill Partners, co-founded by Wall Street veterans including Justin Brownhill (with whom Korhammer shared a connection via The Receivables Exchange), embodies an operator-led merchant banking model tailored for the FinTech era. Its mission to bridge innovators with institutions, supported by a dual offering of principal investing and investment banking, leverages the deep domain expertise of its team. Richard Korhammer's role as Managing Director and Head of Technology, spearheading capital markets and InsurTech advisory, is a testament to SennaHill's strategy of embedding seasoned operational leadership at its core. The firm's focus on specific FinTech verticals and its "business acceleration" model underscore a commitment to providing more than just capital, aiming to be a transformative partner for emerging and established FinTech companies.

APX Group, under the leadership of Adi Cohen and with Richard Korhammer as a Public Market Advisor, presents an ambitious vision to revolutionize entertainment finance. By integrating a global network of production facilities with a decentralized digital ecosystem powered by the APXCOIN and the T4L3NT/TALNT Net blockchain, APX Group seeks to streamline content creation and distribution. Its partnership with Decentralized Pictures, co-founded by the Coppola family's American Zoetrope, adds a layer of creative credibility and a unique talent pipeline to its innovative financial model. Korhammer's advisory role here is pivotal, bringing his extensive experience with public markets, technology platforms, and strategic investments to an enterprise aiming to redefine how entertainment projects are funded, produced, and brought to global audiences.

In essence, Richard Korhammer's career and his engagements with firms like SennaHill Partners and APX Group highlight a consistent theme: the strategic application of technology and innovative financial structuring to transform industries. Whether in the established realm of financial trading or the evolving landscape of entertainment finance, the drive to build efficient, transparent, and impactful platforms remains a common thread, reflecting a journey that began with disciplined strokes in a swimming pool and continues to make waves in the complex currents of modern business and technology.