Rocket Companies Names Venmo Chief Technology Officer, Former PayPal Executive, Papanii Okai EVP of Product Engineering

Rhea-AI Summary

Rocket Companies (NYSE: RKT) has appointed Papanii Okai as Executive Vice President of Product Engineering, effective October 7, 2024. Okai, former Chief Technology Officer at Venmo and PayPal executive, brings extensive tech leadership experience to Rocket. His role will focus on creating AI-driven products to revolutionize the homeownership journey.

Okai joins Rocket as the company is leveraging AI to modernize the homeownership experience. Rocket's AI-powered tools, including Rocket Logic and Rocket Logic – Synopsis, are projected to save over 700,000 hours this year. Okai's appointment aligns with Rocket's strategy to enhance efficiency and personalization in the home buying process.

With nearly 11 years at Venmo, most recently as CTO, Okai led teams that scaled products for 90 million users. His experience at PayPal, serving over 400 million accounts, further strengthens his expertise in building high-performing teams and driving strategic initiatives in fintech.

Positive

• Appointment of experienced tech leader Papanii Okai as EVP of Product Engineering
• Focus on creating AI-driven products to improve homeownership journey
• AI-powered tools projected to save over 700,000 hours this year
• Okai's experience in scaling products for 90 million Venmo users and 400 million PayPal accounts

Negative

• None.

Okai brings years of tech leadership to Rocket as the company continues its strategy of AI-fueled homeownership

DETROIT, Oct. 7, 2024 /PRNewswire/ -- Rocket Companies (NYSE: RKT), the Detroit-based fintech platform company including mortgage, real estate and other financial service businesses, today named Venmo Chief Technology Officer and former PayPal technology executive Papanii Okai the Executive Vice President (EVP) of Product Engineering – effective October 7. In this newly created role, Okai will work with the company's senior technology leaders to create AI-driven products at an even greater velocity.

"We've all experienced technology that drives real impact in the world through Papanii's work with Paypal and Venmo. Now, he will be using that skill to help revolutionize the homeownership journey," said Shawn Malhotra, Chief Technology Officer of Rocket Companies. "After serving in roles from a hands-on-keyboard engineer all the way to a CTO at both startups and large international tech companies, Papanii's technical depth and track record for building high-performing and highly engaged teams makes him a valuable asset for us at Rocket. I'm looking forward to working closely with him as he helps us continue to evolve and elevate our technology teams."

Okai joins Rocket at a time when the company is modernizing the homeownership experience for clients and partners by harnessing AI to create the most personalized, efficient and accurate process possible. The company created its own loan origination system – called Rocket Logic – that uses AI to identify and automatically extract data from the documents Rocket clients submit. A related tool, Rocket Logic – Synopsis, presents team members with searchable transcripts from calls, chats, relevant documents and data from Rocket Logic. With the company's AI-powered tools, Rocket is projected to save more than 700,000 hours of time this year.

"Homeownership is one of the most impactful things that can happen in someone's life. It brings security, stability and can build generational wealth – which is exactly why I jumped on this opportunity," said Okai. "The best way we can use technology is to make the path to homeownership easier, faster and more accessible. I'm looking forward to bridging the gap between technology and human experience, so people across the country, no matter where they are from, feel confident taking this life changing step."

Okai spent nearly 11 years in technology leadership roles at Venmo, most recently as Chief Technology Officer and Vice President of Engineering. He led the technology and engineering teams who built and scaled products used by Venmo's 90 million users, while driving strategic initiatives that solidified Venmo as a leader in peer-to-peer payments. 

Okai also led the engineering teams at PayPal, the global payments company serving more than 400 million accounts, holding many roles ranging from platform engineer to Chief Technology Officer for Branded Checkout and Vice President of Engineering for PayPal Giving. He oversaw the engineers, developers and product managers worldwide who powered PayPal's payments platform used by both customers and merchants.

Okai will collaborate closely with engineers, product managers and design teams to build upon Rocket's AI-powered products. His leadership will ensure that Rocket continues to deliver technically advanced, client-focused solutions that drive innovation and efficiency at every stage of the home buying process.

About Rocket Companies

Founded in 1985, Rocket Companies (NYSE: RKT) is a Detroit-based fintech platform company consisting of personal finance and consumer technology brands including Rocket Mortgage, Rocket Homes, Amrock Title and Settlement Services, Rocket Money and Rocket Loans.

With more than 65 million call logs each year, 10 petabytes of data and a mission to Help Everyone Home, Rocket Companies is well positioned to be the destination for AI-fueled homeownership. Known for providing exceptional client experiences, J.D. Power has ranked Rocket Mortgage #1 in client satisfaction for primary mortgage origination and mortgage servicing a total of 22 times – the most of any mortgage lender.

For more information, please visit our Corporate Website or Investor Relations Website.

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SOURCE Rocket Companies, Inc.

FAQ

Who is the new Executive Vice President of Product Engineering at Rocket Companies (RKT)?

Papanii Okai, former Venmo Chief Technology Officer and PayPal executive, has been appointed as the new Executive Vice President of Product Engineering at Rocket Companies (RKT), effective October 7, 2024.

What is Rocket Companies (RKT) focusing on in terms of technology development?

Rocket Companies (RKT) is focusing on creating AI-driven products to revolutionize the homeownership journey, with tools like Rocket Logic and Rocket Logic – Synopsis projected to save over 700,000 hours this year.

What is Papanii Okai's background before joining Rocket Companies (RKT)?

Before joining Rocket Companies (RKT), Papanii Okai spent nearly 11 years at Venmo, most recently as Chief Technology Officer. He also held various technology leadership roles at PayPal, including Chief Technology Officer for Branded Checkout and Vice President of Engineering for PayPal Giving.

How does Rocket Companies (RKT) plan to use AI in its business?

Rocket Companies (RKT) is using AI to modernize the homeownership experience by creating a more personalized, efficient, and accurate process. Their AI-powered tools automatically extract data from client documents and provide searchable transcripts from various interactions.