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 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 . This initiative seeks to make crypto transactions more accessible.
