2 min read.Updated: 03 Mar 2020, 05:25 PM ISTSalman SH
Rau will replace outgoing CEO Vicky Bindra, who after a two-year stint, will move back to San Francisco
He had co-founded Citrus Payment Solutions, which was later acquired by PayU India for $130 million
BENGALURU: Former PayU India head Amrish Rau has joined payment solution provider PineLabs as its chief executive officer (CEO).
Rau will replace outgoing CEO Vicky Bindra, who after a two-year stint, will move back to San Francisco. Bindra will continue to be an advisor to PineLabs, supporting strategic initiatives, PineLabs said on Tuesday.
Bindra will move back to San Francisco, where his family lives, a PineLabs spokesperson said in response to Mint's queries.
Rau has more than two decades of experience in fintech. He had co-founded Citrus Payment Solutions, which was later acquired by PayU India for $130 million in an all-cash deal in September 2016.
Post the acquisition, Rau had served as the chief executive of PayU India during October 2016-March 2019. His startup Citrus Pay was funded by Sequoia India and was also one of the largest fintech brands in India.
Rau was also the managing director for financial services firm First Data Asia, where he spearheaded a payments joint venture with ICICI Bank Ltd. He also worked with organisations such as NCR Corporation, a US-based payment hardware retailer, and Siemens Nixdorf.
“I am excited to welcome Amrish to the PineLabs family... 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," said Lokvir Kapoor, executive chairman, PineLabs.
“PineLabs 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," Rau said.
Founded in 1998, PineLabs offers cloud-based point-of-sale payments solutions that allow merchants to accept credit and debit card payments besides transactions using e-wallets, QR (quick response) codes and unified payments interface (UPI). It processes payments of $30 billion per year and serves 140,000 merchants across 450,000 network points.
Rau's appointment as the CEO comes at a time when the company has been eyeing the Unicorn tag for a while now. The company has been in the market for the past one year to raise additional funds and has reportedly held talks with investors such as Tencent and Naspers.
The company had raised $125 million from Temasek and PayPal in May 2018. Prior to that, PineLabs received funding of $82 million from private-equity firm Actis and California-based investment company Altimeter Capital in March 2018.
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