The CEO of London FinTech IFX Payments has stepped down despite a doubling in turnover in 2020.
Nick Williams, who has led the business for 16 years, will transition to the role of executive chair, while Will Marwick, the company’s COO, will step into the role of CEO.
Marwick’s appointment follows the hugely successful launch of ibanq, IFX’s multi-currency, virtual IBAN account.
Ibanq, which integrates directly into IFX’s foreign exchange infrastructure and global payments network, was added to IFX’s suite of products in January 2020 and has contributed to the business doubling its client base in the past 12 months.
In the past year, IFX has increased the number of payments it handles monthly by 3000% to 150,000 a month and doubled its turnover to £20 million.
Williams, who co-founded the business in 2005, will now focus on maintaining standards of governance and regulatory adherence.
“Having launched IFX 16 years ago, it’s been both exhilarating and satisfying to watch the transformation of the business from an impressive FX brokerage to a transformational FinTech company,” he said.
“Now feels like the appropriate time to recalibrate our management structure with this extraordinary period of growth showing no signs of slowing.”
The firm has offices in London, Warsaw, Dubai and Australia.
Marwick added: “The launch of ibanq has transformed IFX and promises to revolutionise the whole digital payments experience.
“ibanq has not only been the engine for our rapid growth this year but as IFX moves into another exciting phase I am already relishing the promise of helping thousands of businesses realise their potential.”