Western Union CFO Raj Agrawal Departs for Arrow Electronics

After 16 years with the company, Western Union Chief Financial Officer Raj Agrawal is stepping down from his position, the money transfer company announced Tuesday (Aug. 16).

According to a news release, Agrawal will officially depart Western Union on Sept. 2 to become Arrow Electronics’ new CFO.

“Raj has been an integral part of our executive leadership team, and we wish him the very best as he begins his next chapter,” said Devin McGranahan, Western Union’s president and CEO.

The company said it hopes to name an interim CFO, who will take the job as soon as Agrawal departs, within the next two weeks.

“My time at Western Union has been rewarding both personally and professionally,” Agrawal said. “It has allowed me to pursue a variety of roles from Treasurer to leading finance for the EMEA/APAC region. It ultimately allowed me to progress from leading our former Business Solutions segment to, most recently, leading the global finance organization.”

Last week, Western Union announced it was expanding its integration with Visa’s real-time money movement network Visa Direct.

Read more: Western Union Expands Integration With Visa Direct

This move allows Western Union customers in the U.S. to send money in near real-time to eligible Visa debit cards in Colombia, El Salvador, Jamaica, the Philippines, Romania and Thailand.

Western Union and Visa Direct first launched their integration across Europe in more than 20 countries, enabling the transfer of funds — over the company’s website, app and retail locations — to eligible Visa debit card holders.

This summer also saw the company team up with card issuing platform Marqueta, which is integrating its offerings into the Western Union digital banking platform.

See also: Western Union Signals Grand Neobank Ambitions With Marqeta Pact

As PYMNTS noted in June, the partnership brings together Marqeta’s open application programming interface (API) card issuing platform while allowing Western Union to handle the workflow with real-time insights into card activity.

It also positions Western Union to become the world’s biggest neobank, even as the company’s reach already touches about 150 million customers in 200 countries.