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
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.
Forward-looking Statements
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220407005807/en/
Paysafe contacts Media: Kate Aldridge, +44 750 079 7547,
Kate.Aldridge@Paysafe.com Investors: Kirsten Nielsen, +1 (646)
901-3140, Kirsten.Nielsen@Paysafe.com
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