London-based global payment firm Paysafe has announced that Alex Gersh, the current Chief Financial Officer (CFO), will step down from his role and transition into an advisory position to the Chief Executive Officer, effective September 4.

Scaling Business Operations

The company mentioned that while Gersh will continue to support it in this new capacity at least through the end of the year, John Crawford has been appointed as his successor and will assume the CFO role immediately. Before joining Paysafe, Crawford spent nine years at FIS, where he served as Executive Vice President of Strategy, M&A, and Venture Capital.

In this role, he oversaw global corporate development and played a crucial part in FIS's growth by leading over 25 deals, including acquisitions and joint ventures. His prior experience also includes significant roles in investment banking and commercial finance at institutions such as Bank of America Merrill Lynch, Bear Stearns, and GE Capital.

Paysafe's CEO, Bruce Lowthers, commented about the new appointment: “Looking to the future, Paysafe is entering a different chapter of growth where we will focus on scaling the business and ensuring that we can capitalize on opportunities that lie ahead. John is an outstanding leader with exceptional financial acumen, strategic vision, and a true business mindset.”

“I strongly believe that his experience positions him to strategically help guide our efforts towards achieving sustainable growth and long-term success as a world-class payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term organization,” Lowthers added.

Other Developments at Paysafe

Last month, Paysafe released its financial report for the second quarter of 2024, underscoring a 9% increase in revenue to $439.9 million compared to the same period last year. This expansion led the payment platform to revise its full-year revenue forecast upwards.

The firm's total payment volume reached $38.1 billion, representing a 7% increase year-over-year. Although Paysafe recorded a net loss of $1.4 million, this was an improvement from the $1.8 million loss in the same quarter last year.

Paysafe also teamed up with Alchemy Pay, a fiat-crypto payment solution provider, to offer users a range of payment methods for purchasing cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. This initiative seeks to make crypto transactions more accessible.