CAB Payments boss Bhairav ​​Trivedi will step down next month

The CEO of CAB Payments plans to step down in March, just months after the payments provider’s disastrous IPO.

Bhairav ​​​​Trivedi will leave as boss of the financial technology group after the publication of the annual results on March 26, but will remain a ‘senior advisor’ to the board of directors.

During his tenure, the company’s revenues have more than doubled, thanks in part to rising aid flows and customer numbers during the Covid-19 pandemic.

To further fuel its expansion, CAB decided to go public on the London Stock Exchange last summer at £3.35 per share, giving an implied valuation of £851 million.

However, the group’s share price fell by almost three-quarters on a single day in October after the group warned that annual sales would be 17 percent lower than previously forecast due to currency volatility, including a depreciating Nigerian naira.

Although they have since recovered somewhat, CAB Payments Holdings shares was at 102.9p just before midday on Friday, around 70 percent below their IPO price.

Based in Sutton, CAB specializes in providing cross-border payments and currency services in more than 150 countries, with a particular focus on emerging markets.

Trivedi became CEO in early 2021 after a long career in the financial sector, including stints at Citi Bank, Network International and troubled payments company Finablr.

He told investors: “It has been an honor to lead CAB Payments over the past few years, and I am extremely proud of what we have achieved.

“The company has expanded and deepened its customer base and presence globally and set clear priorities to expand our currency and payment capabilities, further diversify our customer base and expand the number of markets we serve.”

Succeeding him at CAB is Neeraj Kapur, who was most recently Chief Financial Officer of Vanquis Banking Group – formerly Provident Financial – for three years until leaving last August for unspecified personal reasons.

Like Trivedi, Kapur has spent many years working at financial companies including Royal Bank of Scotland Group, Ulster Bank and Secure Trust Bank.

CAB chairman Ann Cairns said Kapur is “a seasoned financial professional and proven leader who brings a wealth of experience to this role.”

She added: “We are confident that CAB Payments will continue to thrive and grow under his leadership as he executes our strategy to deliver long-term value for all our stakeholders.”