Los Angeles-based music distribution and payments startup Stem has appointed former Venmo executive Mike Vaughan to its board of directors. Vaughan was chief operating officer of Venmo from 2011 until earlier this year, and is now executive in residence at Oak HC/FT.
“The music industry can benefit tremendously from innovation in the way money flows between the creators, the distributors and the platforms,” said Vaughan in a statement. “Not to mention the impact we can make with offering more accessible financial services that cater to the creators in the music space.”
“As we keep building out Stem’s platform capabilities, Mike will provide industry insights and connections that will propel Stem’s artist and label fintech offerings,” added Stem CEO Milana Rabkin Lewis. “The fintech angle perfectly complements our broader mission of being the most reliable way for artists to get paid and to automate accurate payments for all collaborators who helped them create.”
Stem’s platform helps bands distribute their music, and then split the resulting revenue among all collaborators. The company has worked with artists including Childish Gambino, Sheryl Crow and Frank Ocean. Stem has raised a total of $12.5 million in funding.