FinTech CAB Payments is replacing its CEO after its share price halved in the first seven months since its IPO in London.
CAB Payments Holdings plc said Bhairav Trivedi will be succeeded by Neeraj Kapur following publication of the firm’s FY23 financial results on Monday.
Trivedi, who joined in January 2021 after nine months as group CEO of Abu Dhabi FinTech Finablr, will take on a new role as senior adviser to the board.
CAB Payments’ share price nosedived 70%, from 216p to 60p, in one day in late October following the publication of a gloomy trading update.
A market leader in business-to-business cross-border payments and foreign exchange – specialising in hard-to-reach markets – the update reported a rise in revenues, but also a number of changes to the market conditions in some of its key currency corridors in Africa which it said were “compressing margins and reducing trading volume”.
It saw the market cap of the Sutton-based payments infrastructure company – which raised £335m from investors at IPO in July 2023 – drop from £851m to £152m in a matter of hours.
The share price has since rebounded to 100p, giving CAB Payments a market cap of £254.7m.
Incoming CEO Kapur has more than 20 years of experience in senior operational and finance leadership roles in retail, corporate and SME banking.
He was most recently group CFO of Vanquis Banking Group plc – formerly Provident Financial plc – where he helped guide the company through a period of significant industry and business change.
“On behalf of the board, I would like to thank Bhairav for his commitment and contribution, which has positioned the company as a leader in its field,” said Ann Cairns, chair.
“Under his leadership the company more than doubled its revenue. I am delighted Bhairav has agreed to continue to represent, advise and support CAB Payments going forward.
From PhD to £1m business: A blueprint for aspiring entrepreneurs
“The company remains committed to serving our loyal customer base and gaining new customers across Europe and the US. We look forward to expanding our network and capabilities and entering new FX and payments markets across the world.
“The board very much welcomes Neeraj to CAB Payments as our incoming CEO. He is a seasoned finance professional and proven leader who brings a wealth of experience to this role.
“We are confident CAB Payments will continue to flourish and grow under his leadership, as he executes our strategy to deliver long term value for all our stakeholders.”
Trivedi added: “It has been an honour to lead CAB Payments over the last few years and I am extremely proud of what we have achieved.
“The company has expanded and deepened its customer base and presence globally and set out clear priorities to extend our FX and payments capabilities, further diversify our customer base and expand the number of markets we serve.
“I look forward to helping Neeraj get up to speed on CAB Payments, and continuing to leverage my experience, skills and network to further benefit the company in this highly exciting and growing sector.”