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CAB Payments Appoints Vanquis Banking Veteran Neeraj Kapur as CEO

CAB Payments Appoints Vanquis Banking Vet Neeraj Kapur CEO

CAB Payments announced a CEO transition, with Neeraj Kapur set to succeed Bhairav Trivedi March 26.

Trivedi, who has been CEO for three years, will help with the transition and will then take on a new role at CAB Payments: senior adviser to the board, the company said in a Friday (Feb. 23) press release.

Kapur will join CAB Payments immediately, according to the release. He was most recently with Vanquis Banking Group (formerly Provident Financial) where he was group chief financial officer.

The March 26 CEO transition will take place on the same day that CAB Payments, a firm focusing on B2B cross-border payments and foreign exchange, especially in hard-to-reach markets, publishes its financial results for fiscal year 2023, the release said. The transition is subject to regulatory approval.

Trivedi led CAB Payments through a period of structural change and positioned it for a new stage of growth, per the release. During his time as CEO, the company more than doubled its revenue, Ann Cairns, chair of the board, said in the release.

“I am delighted Bhairav has agreed to continue to represent, advise and support CAB Payments going forward,” Cairns said.

Kapur’s more than 20 years of experience in retail, corporate, and small- to medium-sized business (SMB) banking includes senior operational and financial leadership roles. During his time at Vanquis Banking Group, he helped guide the company through a period of change.

“He is a seasoned finance professional and proven leader who brings a wealth of experience to this role,” Cairns said in the release. “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.”

CAB Payments also reiterated in the release its expectation that its total income for 2023 to be about 25% above the prior year. The company had initially made this forecast Jan. 16.

The firm became a public company in July, raising $426 million in its initial public offering.

Since then, the company’s share price has fallen by about two-thirds, The Standard reported Friday.