Paysafe appoints former FIS president as new CEO

UK paytech Paysafe has appointed Bruce Lowthers as its new CEO and executive director.

Paysafe appoints new CEO

Lowthers succeeds Philip McHugh, who is stepping down from the CEO role and from the company’s board of directors. McHugh was appointed in 2019 and took the firm public in 2021.

Lowthers will join Paysafe by 1 May following a 15-year tenure at payments firm FIS, where he was responsible for modernising and accelerating the growth of the company.

The new announcement follows the recent appointment of Daniel Henson as non-executive chairman last month and two new hires from Barclays and Amazon to the firm’s digital wallets team.

Lowthers says he joins Paysafe at a “pivotal time” and has been mandated with scaling the company as it looks to continue its expansion.

Paysafe offers payment processing, digital wallet and online cash solutions and enables businesses and consumers to connect and transact through 100 payment types in over 40 currencies around the world.

The company claimed an annualised transactional volume of more than $120 billion in 2021. It currently has approximately 3,500 employees located in more than 10 countries.