London-based global payment firm Paysafe has announced
that Alex Gersh, the current Chief Financial Officer (CFO), will step down from
his role and transition into an advisory position to the Chief Executive
Officer effective September 4.
Scaling Business Operations
The company mentioned that while Gersh will continue
to support the company in this new capacity at least through the end of the
year, John Crawford has been appointed as his successor and will assume the CFO
role immediately. Prior to joining Paysafe, Crawford spent nine years at FIS, where he served as
Executive Vice President of Strategy, M&A, and Venture Capital.
In this role, he oversaw global corporate development
and played a crucial part in FIS’s growth by leading over 25 deals, including
acquisitions and joint ventures. His prior experience also includes significant
roles in investment banking and commercial finance at institutions like Bank of
America Merrill Lynch, Bear Stearns, and GE Capital.
Paysafe‘s CEO, Bruce Lowthers, commented about the new
appointment: “Looking to the future, Paysafe is entering a different
chapter of growth where we will focus on scaling the business and ensuring that
we can capitalize on opportunities that lie ahead. John is an outstanding leader with exceptional
financial acumen, strategic vision, and a true business mindset.”
“I strongly
believe that his experience positions him to strategically help guide our
efforts towards achieving sustainable growth and long-term success as a
world-class payments organization,” Lowthers added.
Other Developments at Paysafe
Last month, Paysafe released its financial report for the second quarter of 2024, underscoring a 9% increase in revenue to $439.9
million compared to the same period last year. This expansion led the payment
platform to revise its full-year revenue forecast upwards.
The firm’s total payment volume reached $38.1 billion,
representing a 7% increase year-over-year. Although Paysafe recorded a net loss
of $1.4 million, this was an improvement from the $1.8 million loss in the same
quarter last year.
Paysafe also teamed up with Alchemy Pay, a fiat-crypto payment solution provider, to offer users a range of payment methods for purchasing cryptocurrencies. This initiative seeks to make crypto transactions more accessible.
This article was written by Jared Kirui at www.financemagnates.com.
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