NEWS | The Big Interview


the preferred payment service provider in the e-commerce space.


You joined Paysafe in 2015. What have been the biggest challenges you have faced since you became CFO? 2015 was a significant year. We doubled the size of the business through the acquisition of Skrill, which was an exciting opportunity for us because to fund the deal, we successfully executed the largest ever rights issue on the London Stock Exchange AIM market and raised over $0.5 billion in debt. We also renamed the combined business to Paysafe, rapidly integrated the Skrill acquisition and we ended 2015 by moving our stock market listing to the Main Board of the London Stock Exchange.


We issued two 300+ page financial


prospectuses in the year, one for the share issue and one for the move to main market. The latter involved careful due diligence of our business by the listing authority, in order to satisfy the UKLA that we adhered to the more stringent main market regulations.


In 2016, we joined the FTSE 250 Index


of leading companies, and we achieved $1 billion of revenue for the first time and significantly increased EBITDA to $300 million. In 2016, we also completed two North American acquisitions, and then generated over $50 million of savings arising from the 2015 Skrill acquisition due to the integration being completed ahead of schedule. Two and a half years ago, our equivalent


share price was £1.97. In June 2017, we received an offer three times this at 590p per share from Blackstone and CVC to acquire the entire business. In September, our shareholders voted to accept the offer and we anticipate the acquisition should close by the end of the year. So, it is safe to say that things have been busy. Clearly these were all big opportunities for our company, and although it was challenging at times, we’re proud of what we’ve achieved so far.


Can you tell us a little about your career development before joining Paysafe? Prior to joining Paysafe as CFO in January 2015, I was Group Finance Director at Telecity Group plc where I led the IPO of the business in 2007 and raised £400 million in senior debt facilities with major UK institutions. Before that, I served as Interim CFO of MCI Worldcom EMEA, the


dofonline.co.uk


telecoms company (now Verizon), during the successful turnaround of the business. Since 2013, I’ve also served as non- executive director of Robert Walters plc and Audit Committee Chair.


What is your approach to business? What do you like about what you do? At Paysafe we value transparency and openness. We worked hard to implement transparent financial reporting and that work has paid huge dividends, both in terms of the share price response and the quality of investors who became shareholders. Reputation is becoming more and more important, and today, our high level of transparency inspires confidence in the market and investor community.


‘ All businesses rely on people at their core. Commercial acumen, presentation, problem-solving and negotiation skills are as important as technical ability’


We tell it like it is, and by doing that with all our financials, we’ve unpicked what’s really going on in the business. At Paysafe, we’re also proud to appoint and nurture exceptional people. We have a talented and very experienced team in place who have been instrumental in helping us achieve our successes to date. We operate as a team and the success of our business reflects our collective hard work and commitment.


You have won several awards during your career. Can you tell us about them and which one stands out? To me, those awards are actually more meaningful in recognising the collective achievements of finance teams I have been lucky enough to lead and the companies. The fact that team successes have been celebrated with honours from the likes of the ICAEW, CBI, Business Week and the FDs’ Excellence Awards makes me immensely proud.


More generally, how do you think the role of the CFO has changed over the years? Although converging, there are remaining differences in the way CFOs across the


Atlantic fulfil their role compared with those in the UK, however, one thing is for certain – CFOs cannot rely solely on their ability to produce accurate financial statements and run the finance function. That is now a given – the minimum expected output. The role has evolved to become much more commercial and forward- looking. Today’s CFOs must be able to articulate the company strategy, work with a multitude of internal stakeholders, while running the business efficiently using appropriate internal KPIs. Today, CFOs are expected to be true partners to the CEO, and to be able to present the business to the potential investor base while managing the raising of equity or debt capital. The CFO has to be seen as credible and trustworthy by stakeholders in the business and an articulate spokesperson. Internally, it’s equally important for CFOs to ensure they are communicating well across the entire organisation to equip employees with the knowledge they need on their employer’s financial performance.


There has been a recent quarter-point rise in interest rates to 0.5%. What effect is that going to have? Like other large UK-listed companies, most of our revenues are derived from outside of the UK, so we have to look at the broader US and European economies as well as our own. As a private equity owned business we will have more debt capital than as a public company, so interest rates will be something we keep an eye on in the US and Europe.


What advice would you give the younger generation if they were thinking about working in the financial sector? It’s a very competitive market. Almost every CV I receive presents prospective candidates that are technically very strong, but technical skills are now a basic requirement. My advice to candidates is to make yourself stand out as an individual but be true to yourself. All businesses rely on people at their core. Commercial acumen, presentation, problem-solving and negotiation skills are as important as technical ability.


If you had to sum up your approach to business in three words, what would they be? Sustainable profitable growth. n


DIRECTOR OF FINANCE 9


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52