Meet the 2025 NEXGEN Award Recipients

The International Factoring Association, in collaboration with the NEXGEN Committee, is proud to announce the winners of the 2nd Annual NEXGEN Awards. These honors recognize standout professionals whose innovation, leadership, and dedication are shaping the future of the factoring industry.

This year’s recipients represent a range of roles and accomplishments across five categories: Rookie, Innovator, Rainmaker, Leader, and Ally. Each award reflects a unique area of excellence—from early career impact to trailblazing ideas and unwavering support of peers.

We had the chance to speak with each honoree about their journey in factoring, the lessons they’ve learned, and what it means to be recognized by their industry peers. We’re thrilled to celebrate their achievements at the 2025 Annual Factoring Conference.

2025 NEXGEN Award Recipients:

• Joseph Spiegel, Sales Manager, CapFlow Funding Group – NEXGEN Rookie

• Ryan Goodrich, VP of Enterprise Architecture, OTR Solutions – NEXGEN Innovator

• Sunil Bhavirisetty, Business Development Manager, REV Capital – NEXGEN Rainmaker

• Lacey Aulbach, VP of Operations, Triumph – NEXGEN Leader

• Matthew Rybak, Co-founder, Tank Payments – NEXGEN Ally

What initially drew you into factoring? What excited you about it?

Joseph Spiegel: Coming from the MCA industry, I was used to fast-moving deals and helping businesses get the capital they needed. But what drew me to factoring was the long-term impact it has on a business’s growth. It’s not just about quick funding—it’s about providing a financial tool that scales with a business over time.

What excites me most is the relationship-driven nature of factoring. It’s more than just a transaction; it’s about understanding a company’s operations, helping them navigate cash flow challenges, and seeing them succeed. That ability to build lasting partnerships and provide strategic solutions is what made the shift to factoring so appealing to me. 

Ryan Goodrich: There were two main draws for me. First, trucking is hard. Running a small business is hard. And the number one thing small business owners worry about is cash flow. Factoring provides an accessible way to ease the day-to-day pressure. Knowing that small, one or two-truck carriers are the backbone of America and that OTR is helping keep them moving immediately drew me in.

Second, the potential to innovate at that intersection of finance, operations, and tech is what really pulled me in. I saw an incredible opportunity in the data. OTR has a rich dataset that can be leveraged to make smarter, faster, and safer decisions. With my background, I knew we could use that data to significantly reduce risk, speed up purchase decisions, and free up our agents to focus on delivering the white-glove service we're known for.

Sunil Bhavirisetty: It started back in 2023 while I was doing door-to-door sales. After knocking on one particular door several times, I finally connected with one of the homeowners on a sunny Saturday – who turned out to be Loren Shifrin, CEO of REV. Initially, when he described factoring to me, I'll admit – it wasn't immediately clear. But then he explained the impact – how it directly fuels a business's growth. That specific point, the idea that this financial tool could be so crucial for a company's success, was the spark. It genuinely fascinated me and drove me to learn everything I could about it.

Lacey Aulbach: I ended up falling into factoring by happenstance. I was working for a community bank at the time, and I wanted to try something new and different.  A colleague reached out to me about an opportunity with a factoring company called Advance Business Capital (now Triumph). I had no idea what a factoring company was, how it worked or the need for alternative finance solutions. 

Even from my first role in factoring, I quickly appreciated how vital of a service factoring provides to business owners. In many cases, these businesses would not receive the funding that they need to maintain or grow their operations.

Several years later, it is still a tremendous point of pride to work with clients who started with us years ago and are still running or have even grown over the years. Those stories of resiliency – in the face of many challenges – continue to inspire me. 

Looking forward, there is so much opportunity to leverage the best of technology and the best of customer service to deliver a better financial experience. Being part of that change and innovation is a daily motivator and challenge.

Matthew Rybak: My friend Tom Croteau once told me that “no one [he knows] in factoring wound up in factoring on purpose.” I was introduced to the space while writing an article about the different types of financing available to freight businesses for my website, TruckInfo.net.

Now, as a service provider to factors, I’m not factoring per-se, but I can easily see why people are drawn to this space professionally – even if it’s by accident. It’s not because they get great joy out of purchasing invoices, but because factoring fills a natural hole in the supply chain. At their best, factors are in the business of providing flexibility and value-added services to clients without allowing them to get into crippling debt.

Outsiders have tried in the past to get rid of factoring, and I’m positive that new competitors bringing new technologies will try to supplant it in the future, too. We at Tank instead believe that factors provide an essential service, and we stand ready to equip factors with the same software-driven approaches that have driven down costs and improved margins in other financial sectors. 

How has factoring impacted your life both professionally and personally?

Joseph Spiegel: Professionally, factoring has allowed me to build deeper, more meaningful relationships with clients and my internal team. The conversations are more strategic, the deals more collaborative, and the wins feel more impactful.

Personally, it’s brought a new level of fulfillment. I’m in a space where I believe in the product and the value it brings, which makes a big difference in how I show up every day. It’s also challenged me to grow—factoring isn’t a one-size-fits-all solution, so I’ve had to get sharper, more creative, and more intentional in supporting clients. That kind of growth spills over into every area of life.

Ryan Goodrich: Before joining OTR, I ran a small software consulting company. As a former small business owner, I know the stress that hits at the end of the month when payroll is due, but a big invoice hasn’t been paid. Factoring is a powerful tool that bridges that gap; it enables businesses to keep moving forward and take care of their people.

Professionally, factoring has allowed me to merge technical innovation with meaningful results. Personally, it’s deepened my empathy for small business owners and sharpened my focus on solutions that create a real, tangible impact.

Sunil Bhavirisetty: It's amazing to see how much of a difference our work makes, both for us as individuals and in our careers. Being new to this industry, it’s also been incredibly encouraging to watch my colleagues succeed and make a real impact on the businesses we support. It's definitely pushed me to learn as much as I can.

What I'm realizing about factoring is that it's not just about selling something. It takes a good understanding of money and finance, building strong connections with people, figuring out complicated situations, and always knowing what's happening in the market. The skills I'm learning for work are helping me in my personal life, too. It's truly a win-win.

Lacey Aulbach: The factoring industry has had a profound impact on my life. Professionally, it has provided me with countless opportunities to grow, take on new challenges, and continuously evolve in my skills and expertise. I’ve been able to build meaningful relationships, collaborate with inspiring individuals, and contribute to work I am truly passionate about. This industry has a deep impact on the lives of business owners every day. We hear these stories of success, and they never get old. We are here because they’ve trusted us to provide predictable financing and to be partners in their businesses. I never lose sight of that responsibility and encourage my team to do the same.

On a personal level, the experiences and connections I’ve gained have shaped my perspective, which I share with my team, and those I am fortunate to mentor. This industry has also given me opportunities to share my leadership story through events and other publications.

Matthew Rybak: Since having kids, over half the drinks I’ve consumed have been with people who work at factoring companies. And I’m trying to figure out if that’s a problem with me or if it’s mainly saying something about the folks in this industry.

Professionally, it’s a much more buttoned up story. For the folks in the IFA that have worked with me, you know that I’m always digging and probing and asking what feature we can launch at Tank to make life easier for factoring staff already stretched to the brink. Some of the time, it might get annoying. But most of the time, we get it right. And that gets me to my point – which is that professionally, my cofounders and I needed to become extremely sensitive to our customers’ bottom line. That type of hyper goal-oriented approach has helped us earn trust with partners who have already leaned into automation, and provided a good case study for others just getting started

What advice would you give to someone looking to get into the industry?

Joseph Spiegel: Be curious and stay coachable. Factoring has a lot of nuances, it’s not just about moving money, it’s about understanding risk, relationships, and the operational side of businesses. If you come in eager to learn, ask good questions, and stay adaptable, you’ll do well.

Also, don’t underestimate the value of building trust. This is a relationship-driven business, and how you show up—how responsive, honest, and consistent you are—matters just as much as the numbers. If you focus on adding value and playing the long game, the deals will follow.

Ryan Goodrich: Be curious. This industry has so many layers and nuances, and bringing in diverse backgrounds is how we continue to evolve. If you can spot edge cases, lean into them — that’s often where the best innovation hides. There’s a huge opportunity in factoring right now to modernize and streamline processes, and the people who thrive are the ones bold enough to ask, “Why not?”

Sunil Bhavirisetty:

1) Think of learning more than earning because the process of learning will get you what you want.

2) Patience is the key, and good things always take time.

3) Be persistent. Facing challenges is part of the industry.

4)  Keep up to date with accurate information, because our clients value our words.

5) Networking is everything.

6) Listen more than you talk.

Lacey Aulbach: My advice would be to always stay on your toes as this industry is fast-paced and ever-evolving. Something that may have worked for you or your team in the past may not work now due to changes in market trends, technology, etc. You need to be able to adapt quickly to changes or pivots.

Looking back on my career, I would recommend having a long-term view of the potential upward mobility this industry provides. There are countless stories like mine of people who started in introductory positions who are now leading teams of people.

Be open to collaboration, explore other areas of the business and say “yes” to opportunities when they come along.

Matthew Rybak: There’s probably a way to turn this into advice, but my cofounder Dane and I would say that the best way to lose your shirt in this industry is by thinking that you know what you’re doing.

We’ve been around long enough to see companies underestimate the risks associated with factoring, particularly in freight. There’s a temptation by outsiders to think that factoring invoices is “easy”, but getting closer to our customers has made us appreciate that it only looks easy because of the deep expertise honed by industry professionals over decades.

Who in your life (ex. mentor, coach) has made the biggest impact on your career? How have they pushed you to excel in factoring?

Joseph Spiegel: The biggest impact on my career came from my previous employer in the MCA industry. He was the type to push me to think outside the box and challenge the status quo. He encouraged me to take that leap into a new industry, and it turned out to be a game-changer. I’m grateful for that nudge because it led me to where I am now—constantly learning, staying adaptable, and pushing myself to grow.

Ryan Goodrich: I’ve been lucky to work with leaders who gave me the space to take risks and the air cover to fail forward.

Early in my career, I had mentors who trusted me to make big calls, even when they weren’t safe bets. That mindset stuck with me. I've sought out those environments where pushing the boundary isn’t just tolerated, it’s expected. That’s where real progress happens and it’s how I’ve approached innovation in factoring.

Sunil Bhavirisetty: My family has had the biggest impact on my life and professional journey. They've always given me the freedom and support I needed to really focus on building my career.

When it comes to factoring, Loren Shifrin and his story are a huge inspiration for me to always do my best. Seeing what he's achieved pushes me to work harder and be better. Plus, having such a supportive team makes all the difference. They're always there to help, and that teamwork really encourages me to learn and do great work in this industry.

Lacey Aulbach: When I reflect on who has made the biggest impact on my career, there are two individuals who stand out. Both are colleagues who have been part of my journey since the beginning and have played pivotal roles throughout my factoring experience. One provided me with a strong foundation of knowledge, helping me build the essential skills I needed early on. The other challenged me to step outside of my comfort zone, encouraging growth and pushing me to elevate in my role. Their mentorship, support, and belief in me have been instrumental in shaping the professional I am today.

What they both showed me is how critical it is to have mentorship and people encouraging growth. I now look for ways that I can impart the same guidance to those who are starting out in their careers.

Matthew Rybak: I’ll always take an opportunity to remember my father Henry, who unlocked success in his own life by working relentlessly and doing it joyfully, before his passing in 2020. I aspire to emulate his drive to build, make, and do.

I was pleased to learn that the factoring industry is full of people that are willing to help and take a chance on others. In particular, I’d like to mention Talley Clower. Talley has had a special influence on Tank’s direction as a company. He’s a tinkerer, calculated risk-taker, smart financier, and has pushed Tank to do things that it couldn’t do before. In my experience, it’s rare to find someone with that level of focus and professional conviction, while being as active as he is in supporting the efforts of those around him.

What does it mean to you to be a NEXGEN award recipient?

Joseph Spiegel: Winning the NEXGEN Rookie award is incredibly meaningful because it validates the work I’ve put in to grow quickly and make an impact, not just at CapFlow, but in the factoring industry. To be recognized as someone with the potential to lead and contribute to the future of this industry, especially this early in my journey, is both humbling and motivating. This award pushes me to keep raising the bar—not just for myself, but for the clients and colleagues who trust me to deliver.

Ryan Goodrich: It’s an honor and a signal that the industry is moving forward.

This award is validation that technical innovation and elite customer service can go hand in hand. It’s exciting to see the industry recognize the next generation of leaders who are pushing the envelope.

Sunil Bhavirisetty: It's a true honor to receive this industry award, but it also feels like a real responsibility to set a good example. This recognition doesn't just make me proud; it pushes me to continue doing my absolute best moving forward.

Lacey Aulbach: I am deeply honored to be the recipient of the NEXGEN leader award. The IFA is the premiere organization for factoring professionals. These awards show the IFA’s commitment to the future of this industry. 

For me, this recognition represents a meaningful acknowledgment of my contributions and affirms their value to our clients, our teams and the industry. I am inspired to strive for excellence and to continue growing both personally and professionally while building others around me.

Matthew Rybak: As a relative newcomer to factoring, receiving the NEXGEN award is really a confirmation that our team at Tank is earning some trust within the industry. Earning trust in a small, tight-knit industry really means everything. It means factors feel better about experimenting with time- and cost-saving techniques, and it means factors will invite us to solve problems that we couldn’t have imagined solving ourselves. While the recognition from folks who know of us is nice, we have hundreds of other factors that we still need to demonstrate our competencies and capabilities to. 

As a NEXGEN leader, how do you see the factoring industry growing in the couple of years especially with new developments in technology?

Joseph Spiegel: I think we’re going to see a major shift in how factoring is delivered and perceived. Technology is making the process faster, more transparent, and more accessible—but the real opportunity lies in using it to enhance the human side of the business, not replace it. Tools like automated underwriting, API integrations, and real-time reporting are streamlining operations, but the firms that win will be the ones who use tech to deepen relationships, not just speed up transactions.

More companies—especially fast-growing and innovative ones—are realizing that factoring is not just a last-resort option, but a smart, flexible way to fund growth without giving up equity. It’s up to our generation to keep driving that shift in perception and make sure the industry keeps evolving, while still holding onto what makes it great: strong relationships, personalized service, and trust.

Ryan Goodrich: Technology especially AI, is going to reshape factoring.

We’re already seeing a rise in automation, but what’s coming next is even more impactful: smarter fraud detection, better decisioning engines, and more collaboration between companies to protect against bad actors.

At the same time, we’ll need to stay agile. Fraudsters are evolving too. I see the next few years as a race between innovation and risk, and those who embrace data and tech will be the ones who stay ahead.

Sunil Bhavirisetty: Everything is becoming faster and more efficient.

Tech will simplify and automate the whole process of factoring. This means less boring paperwork and more time to figure out the best way to help businesses. It's all about streamlining manual processes so we can focus on making smart, strategic decisions.

Tech can help limit fraud.

Fraud is a big worry in our business. But with the right technology, we'll be much better at spotting and stopping it. These new tools can see things we might miss, making things safer for everyone.

Letting more people know we exist. 

Right now, a lot of businesses don't even know what factoring is. But with things like social media and sharing stories about how we've helped companies, we can reach so many more people. It's a chance to show more businesses how factoring can help them grow.

Lacey Aulbach: The factoring industry is expected to continue growing over the next few years, with technology playing a major role in that evolution. Artificial intelligence and machine learning will become increasingly important for risk management, helping to streamline credit assessments, reduce costs and accelerate approval times.

Automation will also be a key driver, particularly in areas like cash application, where it can significantly reduce manual work and boost overall operational efficiency. These advancements will strengthen the industry’s ability to scale and adapt.

All of this means greater focus on the customer. If we can shrink the time it takes for a business owner to receive funds – while minimizing risk – that can make a material difference in their cash flow, decision making and future planning.

It also means that team members will have more time to spend enhancing the customer experience and taking on new challenges that bridge their earned, industry experience with the best in technology.

Matthew Rybak: There has always been room for technology to simplify and amplify the efforts of factors in every industry. Historically, it’s helped improve costs and revenue at the margin. This year, 2025, is interesting because artificial intelligence is starting to gain steam as a viable tool and has the ability to alter cost structures in ways that earlier technology couldn’t. For this reason, I expect that factors will eagerly test new approaches, making this a very exciting year for service providers like Tank.

I also believe that AI makes things very exciting for factors large and small. Correctly applied, artificial intelligence can help big factors operate as nimbly as small ones, and help small factors achieve the cost profiles of better-established ones. Maybe we can finally do something about fraud too.

Our take on AI adoption is that we can help factors apply it responsibly, in specific scenarios, and give factors the option to expand as they become more comfortable with the novel techniques.

How do you want to leave your mark on the industry?

Joseph Spiegel: I want to be someone who leads by example and helps raise the standard, not just in how we close deals, but in how we build teams, mentor others, and operate day to day. I’m focused on creating something that lasts: a team that’s known for being sharp, dependable, and genuinely invested in helping clients grow.

Long term, I’d love to help train and inspire the next wave of talent entering factoring. If I can be part of shaping a team culture where people feel supported, challenged, and proud of the work they do, that’s a legacy I’d be proud of. It’s not just about what I accomplish—it’s about the ripple effect of how I show up and who I help succeed along the way.

Ryan Goodrich: I want to blend the intuition and experience of people with the speed and accuracy of machines.

By automating the repetitive and predictable, we create mental bandwidth for teams to tackle the real challenges — the ones that require human creativity, empathy, and innovation. True innovation happens when we use technology to empower people, not replace them. That’s where lasting impact comes from, and that’s the space I want to help create.

Sunil Bhavirisetty: I see this as a fantastic opportunity to shine a light on our industry and show the market the incredible difference factoring can make for businesses. My goal is to educate people in a clear and simple way, demonstrating how factoring can be a powerful support system. More than that, I want to build trust and show that transparency is absolutely key to how we operate. It's about proving that when you work with us, you're not just getting a service, you're gaining a reliable partner who's open, honest, and genuinely invested in your success.

Lacey Aulbach: I want to leave my mark on the industry by being a driving force for positive change, innovation and integrity. I hope to inspire others through my commitment to excellence and collaboration; to lead by example, and to strive for continuous improvement. Whether it’s through mentoring the next generation, improving processes, or helping shape a more efficient and forward-thinking industry, I want my contributions to make a difference that helps move the industry forward.

Matthew Rybak: We started Tank to execute on the vision of making factoring the first and best choice for funding in working capital-deficient industries. That means putting the tools in factors’ and clients’ hands to make factoring an invoice preferable to getting a business loan, dealing with an MCA, or running a business off of a credit card. We’ve come a long way, but we have a longer way to go, and we can only get there by partnering with factors who have the same vision.