The CEO of London-listed fintech CAB Payments is stepping down less than a year after its lacklustre initial public offering.
Bhairav Trivedi, who has run the money transfer firm since 2021 and oversaw its July IPO, will step down on 26 March. Trivedi will transition to an advisory role on the board.
“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,” said board chair Ann Cairns.
“Under his leadership, the Company more than doubled its revenue. I am delighted Bhairav has agreed to continue to represent, advise and support CAB Payments going forward.”
Former CFO of Vanquis Bank, Neeraj Kapur, will take over as CAB Payments CEO.
“I am extremely excited by the opportunity to lead the highly skilled and talented CAB Payments team, as the group enters the next phase of its development. CAB Payments has both a very proud history and exciting future growth plans,” Kapur said.
CAB Payments provides business-to-business money transfer services. The company was formed out of the almost 200-year-old Crown Agents Bank.
The Sutton-based fintech floated on the London Stock Exchange last summer with a debut valuation of £851m, at the time representing a boost for the London markets that faced an otherwise slow year.
Shares in CAB Payments saw a sharp drop of around 70% last October. The company cited volatility in African currencies affecting its cross-border money transfers as a key factor in the decline.
CAB shares have improved slightly since October but remain far off their initial value.