The boss of fintech firm CAB Payments has announced he will step down under a year after its disastrous float on the London Stock Exchange.
Bhairav Trivedi, who led the Sutton-based money transfer outfit through its IPO in July last year, is set to hand over the reins to Neeraj Kapur after the publication of its annual results in March, with Trivedi staying on as an advisor.
The move comes after a bruising year for the fintech chief who floated CAB to much fanfare in July last year at a valuation of £800m.
However, the firm fired out a profit warning just months later after its was caught up in a major foreign currency policy shift from the Nigerian central bank, which hammered its revenues and send shares plummeting.
Shares now trade at about a third of their float value.
In a statement today, Trivedi said it had been an “honour” to lead the firm.
“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.” he added.
“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.”
Ann Cairns, Chair of the Board, added in a statement: “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. Under his leadership the Company more than doubled its revenue.”