Noida-based merchant payments provider Pine Labs on Tuesday said that it has appointed fintech veteran B Amrish Rau as its new Chief Executive Officer.
Amrish will replace Vicky Bindra, who, after a two-year successful stint as CEO at Pine Labs, will be moving back to San Francisco. In a statement, the company said that Bindra will continue to be an advisor to Pine Labs, supporting strategic initiatives.
The development comes just a month after Amrish quit Naspers-owned PayU, where he was heading the financial technology investments and partnerships for the global payments major.
Speaking of the transition, Lokvir Kapoor, Executive Chairman, Pine Labs said,
“I am excited to welcome Amrish to the Pine Labs family. With Amrish’s ability to innovate, seek out options with channels, and customers, we believe Pine Labs can be a true global commerce platform. I also want to thank Vicky, who set us firmly on an exciting high-growth journey. Vicky challenged us to explore new business areas and to build organisational structures and processes to support those.”
Amrish joined Naspers-owned PayU after it acquired payments technology company Citrus Pay in 2016 for $130 million in an all-cash deal.
Post the acquisition, he was named the CEO of PayU India. Under his stewardship, the company also launched its credit product LazyPay. In January 2019, Amrish transitioned to a broader role, basing himself out of Singapore, while heading financial technology and investments for PayU.
He was also the MD for First Data Asia and built a market-leading payments JV with ICICI Bank. He has also worked with organisations including NCR and Siemens Nixdorf.
Commenting on the appointment, Amrish Rau, said,
“Pine Labs is an amazing platform which converges everything from everyday payments, to credit, and gift cards. Deep domain knowledge and innovative products designs have helped Pine Labs lead the market. Using cloud technologies, Pine Labs wants to be all things commerce for merchants, help them save time and operate businesses efficiently. I feel excited to be part of the journey,”
At present, Pine Labs processes payments worth $30 billion per year and serves about 140,000 merchants across about 450,000 network points.
(Edited by Suman Singh)