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Paysafe Announces New CEO
Apr 07, 2022
Former FIS President and Fintech Industry Leader, Bruce Lowthers, Appointed Chief Executive Officer of Paysafe with Mandate to Scale the Company; Succeeds Philip McHugh
Company Reaffirms Guidance for First Quarter and Full Year 2022
LONDON – Paysafe Limited (“Paysafe” or the “Company”) (NYSE: PSFE) (PSFE.WS), a leading specialized payments platform, today announced that fintech industry leader, Bruce Lowthers, has been appointed as Chief Executive Officer and Executive Director of Paysafe. Lowthers, who will join the company by May 1, 2022, succeeds Philip McHugh, who is stepping down as CEO and as a member of the Company’s Board of Directors. The CEO transition builds on the recent appointment of Daniel Henson as Non-Executive Chairman in March.
Throughout his career, Lowthers has earned a strong reputation as a results-focused leader who has driven transformation, innovated at speed and enhanced customer experiences for multiple global organizations. He joins Paysafe after a 15-year tenure at FIS, one of the world’s leading fintech companies, where he modernized and accelerated the growth of the Fortune 250 company.
Daniel Henson, Chairman of the Paysafe Board, commented: “Bruce is an exceptional executive whose proven track record of driving sustained results and enterprise value is second to none. In particular, he has successfully scaled and transformed many global organizations. Paysafe is at an exciting inflection point on its journey and we are confident Bruce is the right leader to take it to the next level of growth.”
Bruce Lowthers commented: “Paysafe has a highly differentiated and innovative payments offering and is at the forefront of enabling improved payments experiences for both businesses and consumers around the world. I am excited by the significant growth opportunities ahead for Paysafe and by the financial outcomes and value we can achieve for our customers, employees, and shareholders as we scale the global business. I am thrilled to be joining the talented Paysafe team at such a pivotal time!”
Lowthers succeeds Philip McHugh, who led Paysafe through the pandemic and took the company public, positioning it for its next phase of growth.
Daniel Henson added: “On behalf of the Board, I want to thank Philip for his leadership over the past three years. He has taken Paysafe public, expanded its footprint and established value-added relationships while upgrading the Company’s product and tech capabilities. The strong foundation Philip and team have put in place sets Paysafe up for sustainable, long-term growth. We are very grateful for his dedication to the Company and thank him for his service.”
Philip McHugh said: “It has been a real privilege to lead the transformation at Paysafe over the past few years and work with so many talented colleagues. Bruce and I know each other well, he’s a great leader and I’m excited to see where he can take Paysafe. I want to personally thank the team and wish Bruce, the Board and the entire Paysafe community, all the very best for the future.”
Paysafe reaffirms its revenue and adjusted EBITDA guidance for the first quarter and full year 2022, previously announced on March 2, 2022. Paysafe plans to release its first quarter financial results on Wednesday, May 11, 2022.
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Paysafe Limited’s (“Paysafe,” “PSFE” or the “Company”) actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “anticipate,” “appear,” “approximate,” “believe,” “budget,” “continue,” “could,” “estimate,” “expect,” “forecast,” “foresee,” “guidance,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “would” and variations of such words and similar expressions (or the negative version of such words or expressions) may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, without limitation, Paysafe’s expectations with respect to future performance.
These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially, and potentially adversely, from those expressed or implied in the forward-looking statements. While the Company believes its assumptions concerning future events are reasonable, a number of factors could cause actual results to differ materially from those projected, including, but not limited to: cyberattacks and security vulnerabilities; complying with and changes in money laundering regulations, financial services regulations, cryptocurrency regulations, consumer and business privacy and data use regulations or other regulations in Bermuda, the UK, Ireland, Switzerland, the United States, Canada and elsewhere; geopolitical events, including acts of war and terrorism, including the conflict in Ukraine, the economic and other impacts of such conflict and the responses of governments around the world thereto; changes in our relationships with banks, payment card networks, issuers and financial institutions; risk related to processing online payments for merchants and customers engaged in the online gambling and foreign exchange trading sectors; risks related to our focus on specialized and high-risk verticals; risks related to becoming an unwitting party to fraud or be deemed to be handling proceeds of crimes being committed by customers; risks associated with the integration of acquisitions; the effects of chargebacks, merchant insolvency and consumer deposit settlement risk; changes to our continued financial institution sponsorship; failure to hold, safeguard or account accurately for merchant or customer funds; risks related to the availability, integrity and security of internal and external IT transaction processing systems and services; failure of third parties to comply with contractual obligations; changes and compliance with payment card network operating rules; substantial and increasingly intense competition worldwide in the global payments industry; the COVID-19 pandemic, including the resulting global economic uncertainties; risks related to developing and maintaining effective internal controls over financial reporting; managing our growth effectively, including growing our revenue pipeline; any difficulties maintaining a strong and trusted brand; keeping pace with rapid technological developments; risks associated with the significant influence of our principal shareholders; our ability to retain, attract and motivate key personnel; and other factors included in the “Risk Factors” in our Form 20-F and in other filings we make with the SEC, which are available at https://www.sec.gov. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in their expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based, except as required by law.
Statement Regarding Non-GAAP Financial Measures
This press release also contains non-GAAP financial information. A reconciliation of our forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the adjusting items necessary for such reconciliations that have not yet occurred, are out of our control, or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results.
About Paysafe Limited
Paysafe Limited (“Paysafe”) (NYSE: PSFE) (PSFE.WS) is a leading specialized payments platform. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions. With over 20 years of online payment experience, an annualized transactional volume of over US $120 billion in 2021, and approximately 3,500 employees located in 10+ countries, Paysafe connects businesses and consumers across 100 payment types in over 40 currencies around the world. Delivered through an integrated platform, Paysafe solutions are geared toward mobile-initiated transactions, real-time analytics and the convergence between brick-and-mortar and online payments. Further information is available at www.paysafe.com.
Media: Kate Aldridge, +44 750 079 7547, Kate.Aldridge@Paysafe.com
Investors: Kirsten Nielsen, +1 (646) 901-3140, Kirsten.Nielsen@Paysafe.com