Moneycorp continues exec shake-up with new ex-Vocalink vice chairman
Moneycorp, the London-based foreign exchange and payments firm, is powering on with its executive shake-up.
The firm has appointed David Yates as its vice chairman, less than two months after welcoming a new chief financial officer, Velizar Tarashev, into its fold.
Time to go global
Yates previously led Vocalink, a fintech Mastercard bought in 2017 for $920 million. The transfer saw Yates join Mastercard’s management committee, which he left in October 2019.
He also spent more than six years leading international expansion at First Data, which Fiserv bought in 2019 for $22 billion.
His move to Moneycorp comes at what the firm describes as a “pivotal time” in its business history. Moneycorp intends to go “truly global”.
With Yates at its helm, the firm intends to expand its reach around a host of services. These include digital payments, cross-currency services, and marketplaces which span acquiring and merchant banking.
Moneycorp is betting on Yates’ track record, which it claims saw him grow international revenue at First Data from $250 million to $2 billion.
“A year of strong profitability”
CEO Mark Horgan says “Moneycorp is poised for further growth”. He adds: “David will help us unlock new opportunities.”
Yates joins newly appointed CFO Tarashev, who formerly served as CFO for Barclays Private Bank. Before his 13-year-long stint at Barclays, Tarashev also worked as an associate director for UBS.
The two new hires’ efforts will focus on keeping up the growth momentum. Horgan called 2020 “a year of strong profitability against a complex backdrop”. It saw year-on-year growth reach 35%.
In 2019, Moneycorp’s pre-tax earnings stood around £28 million.
Currently, Moneycorp operates in six markets – the UK, Europe, North America, Canada, Brazil, and Hong Kong – under two banking licences.
The company, founded in 1979, set up its first bank in 2016, just two years after it was acquired by Bridgepoint Advisers – an international private equity group.