CAB Payments CEO to step down, former Vanquis Banking Group CFO Neeraj Kapur set to take over
UK-based CAB Payments has appointed former Vanquis Banking Group CFO Neeraj Kapur as its new chief executive after it was announced that current CEO Bhairav Trivedi is set to step down later this year.
CAB Payments names Neeraj Kapur as new CEO
Kapur started his career as an RAF fighter pilot and is a qualified chartered accountant. He is described by CAB Payments as a “seasoned finance professional” having served as group CFO at several organisations, including Vanquis Banking Group, Provident Financial Group, and Secure Trust Bank PLC, where he worked for nine years.
As a B2B cross-border payments provider specialising in frontier markets, CAB Payments expects its new CEO to further expand its customer network across Europe and the US.
Outgoing CEO Trivedi, who has served the position for over three years, will remain at CAB Payments as a senior advisor to the board to “support a smooth transition of responsibilities” to Kapur.
In addition, Trivedi is expected to lead the fintech’s ambition to build stronger relationships with current and potential new customers, as well as central banks and regulators.
Speaking on the transition, Trivedi remarks on the progress made by the firm during his tenure: “The company has expanded and deepened its customer base and presence globally and set out clear priorities to extend our FX and payments capabilities.”
The CEO transition follows the fintech’s initial public offering (IPO) in July last year, in which it secured an initial £851 million valuation.
However, its stock plummeted around 70% the following October after yearly growth forecasts were downgraded. While its share price has rebounded since then, at the time of publication, the fintech currently sits at around a third of the initial valuation it achieved in July.
