Xsolla is seeking a Head of Underwriting to serve as the fund's senior credit authority alongside the Chief Credit Officer. You will design the underwriting framework from a clean sheet, lead the underwriting and structuring of the fund's first facilities, and stand in front of LPs as living proof that the fund underwrites to institutional standards.
This is a builder's mandate. You will codify how this fund underwrites — the credit playbook, standards, templates, and documentation that make the process repeatable and defensible — and, as the team grows, mentor the junior credit hires who operate it.
The role reports directly to Stan Rudoi, Chief Credit Officer and Head of the Xsolla Credit Fund, and sits on the fund's credit committee.
ABOUT US
Xsolla is a global commerce company with robust tools and services to help developers solve the inherent challenges of the video game industry. From indie to AAA, companies partner with Xsolla to help them fund, distribute, market, and monetize their games. Grounded in the belief in the future of video games, Xsolla is resolute in the mission to bring opportunities together, and continually make new resources available to creators. Headquartered and incorporated in Los Angeles, California, Xsolla operates as the merchant of record and has helped over 1,500+ game developers to reach more players and grow their businesses around the world. With more paths to profits and ways to win, developers have all the things needed to enjoy the game.
Beyond its core commerce platform, Xsolla is building a private credit fund that lends to video game studios, underwritten with a data advantage no traditional lender has: Xsolla's own payments telemetry across thousands of games. The fund is in its capital formation phase and is led by Stan Rudoi, Chief Credit Officer. This is a ground-floor opportunity to help raise a first-time fund inside a profitable, global gaming-commerce company, alongside the broader Xsolla capital markets ecosystem (Xsolla Funding Club, Xsolla SPAC 1 — Nasdaq: XSLLU, and other strategic vehicles).
For more information, visit xsolla.com.
Responsibilities
- Design the fund's underwriting framework from scratch: credit policy, underwriting standards, rating and scoring methodology, credit memo templates, and approval workflows — built for LP diligence from day one.
- Build the data edge into the process: integrate Xsolla's payments telemetry and game-revenue data into underwriting as a durable information advantage.
- Lead the underwriting of lending facilities to game studios and gaming businesses: financial analysis, revenue durability, downside cases, and recovery analysis.
- Structure facilities: term loans, revolvers, royalty- and revenue-based structures — including covenants, collateral packages, borrowing bases, and pricing.
- Draft and negotiate term sheets and credit documentation with borrowers alongside external counsel.
- Stand up and run the credit committee process: present transactions, document decisions, and maintain an audit trail that stands up to LP and auditor scrutiny.
- Establish portfolio monitoring: watchlist discipline, covenant tracking, and a workout playbook as the portfolio builds.
- Be the credit face of the fund: appear in fund materials and LP meetings as the fund's credit authority; own underwriting answers in LP due diligence.
- Support capital formation: help shape the fund's risk-return narrative, portfolio construction guidelines, and track-record presentation.
- Codify the credit playbook: standards, templates, and documentation that make the fund's underwriting repeatable and audit-ready.
- Build the bench: as the fund scales, hire and mentor the junior credit team — analysts, associates, and in time a portfolio/risk officer.
Underwriting Framework and Credit Policy
Deal Underwriting and Structuring
Credit Committee and Governance
LP Diligence and Fundraising Support
Credit Playbook and Team Building
Qualifications and Skills
- 7+ years in private credit, direct lending, specialty finance, or leveraged finance, with personal responsibility for underwriting and closing institutional credit transactions.
- Experience at an early-stage or first-time credit fund — credit policy written from scratch, LPA input, first LP diligence — is strongly preferred. You have seen what a fund needs before it has infrastructure.
- Lending against media, IP, royalties, recurring digital revenue, or gaming businesses is a strong plus.
- A track record you can walk LPs through: deals underwritten, structures used, and how they performed — including the ones that went wrong and what you did about it.
- Deep fluency in credit analysis, financial modeling, covenant design, collateral structures, and credit documentation.
- The gravitas to sit across from LPs, investment committees, and founders — and the judgment to say no to a deal.
- Enjoys mentoring junior team members and building a strong credit culture as the team grows.
- Comfort operating in a lean, fast-moving team where you build the machine you then operate.
- A bachelor's degree in finance, economics, business, or a related field; an MBA and/or a CFA charter is preferred.
Experience
Skills and Competencies
Education and Credentials
Benefits
We are passionate about fostering a supportive environment for our team, so we prioritize the physical, mental, and emotional well-being of our employees and their families through a comprehensive Benefits Program. This includes 100% company-paid medical, dental, and vision plans, unlimited Flexible Time Off, and a personalized career roadmap for each employee. By investing in professional development through training and educational opportunities, we ensure that our team thrives both personally and professionally. Together, we’re not just building a business; we’re cultivating a community that values creativity, collaboration, and the transformative power of play.
Equal Employment Opportunity Statement
Xsolla is an equal opportunity employer. We celebrate diversity and are committed to creating an inclusive environment for all employees. We do not discriminate based on race, color, religion, sex, national origin, age, disability, sexual orientation, gender identity, or any other characteristic protected by law. We consider qualified applicants with criminal histories in accordance with the Fair Chance Act.
Criminal History Consideration
For the Head of Underwriting – Credit Fund position, we will conduct a background check that may include the following:
- Criminal history check
- Employment verification
- Education verification
- Credit history check
Relevance to Job Responsibilities
The background check is relevant to this position because of the following role responsibilities:
- Handling sensitive financial information and supporting fund analytics, financial models, and deal data
- Accessing confidential company data
- Ensuring compliance with regulatory requirements
Rights Under the Fair Chance Act
Applicants are encouraged to inquire about their rights under the Fair Chance Act. If you have questions regarding our hiring practices, please contact [email protected].
By submitting the following job application form, you consent to Xsolla processing your data for career-related inquiries and potential employment opportunities. We process your data in accordance with this Xsolla Privacy Notice for Job Applicants. Please direct any inquiries regarding your data privacy to [email protected].
Skills Required
- 7+ years in private credit, direct lending, specialty finance, or leveraged finance with personal responsibility for underwriting and closing institutional credit transactions
- Experience designing credit policy and underwriting frameworks from scratch (early-stage or first-time credit fund experience)
- Experience underwriting and structuring lending facilities (term loans, revolvers, royalty- and revenue-based structures) including covenants, collateral, borrowing bases, and pricing
- Deep fluency in credit analysis, financial modeling, covenant design, collateral structures, and credit documentation
- Track record of deals underwritten and closed, with ability to present performance (including remediations for failed deals) to LPs
- Ability to draft and negotiate term sheets and credit documentation with borrowers alongside external counsel
- Experience lending against media, IP, royalties, recurring digital revenue, or gaming businesses
- Gravitas to represent the fund to LPs, investment committees, and founders and the judgment to say no to deals
- Enjoys mentoring junior team members and building a strong credit culture
- Bachelor's degree in finance, economics, business, or related field
- MBA and/or CFA charter
Xsolla Compensation & Benefits Highlights
The following summarizes recurring compensation and benefits themes identified from responses generated by popular LLMs to common candidate questions about Xsolla and has not been reviewed or approved by Xsolla.
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Fair & Transparent Compensation — Pay is considered fair or good in many cases, with mentions of high salary or being paid well in certain roles and markets. Market-aligned ranges for several U.S. roles indicate base pay is not out of step with peers.
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Healthcare Strength — Health coverage is described as comprehensive for full-time employees and families, with employer-paid medical, dental, and vision noted in some U.S. postings. Positive remarks on medical coverage appear on dedicated benefits pages.
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Leave & Time Off Breadth — Flexible or unlimited paid time off is repeatedly highlighted, alongside parental leave and remote or hybrid flexibility. These elements contribute to an overall package that many view as solid.
Xsolla Insights
What We Do
Xsolla's video game business engine helps game developers and publishers operate more efficiently and sell more games. Serving only the video game industry, Xsolla caters to businesses from indie to enterprise, with solutions that solve the complexities of distribution, marketing, and monetization so developers, publishers, and platform partners. Our goal is to increase your audience, sales and revenue. Headquartered in Los Angeles, with offices worldwide, Xsolla operates as a merchant and seller of record for major gaming entities like Valve, Twitch, Ubisoft, Epic Games, and PUBG Corporation.
