Bhairav Trivedi will leave his role in March after the publication of CAB’s annual results. He will be replaced by Neeraj Kapur, who most recently served as CFO of Vanquis Banking Group.

CAB raised up to £335 million through a listing on the London Stock Exchange in July 2023 at a valuation of more than £800 million.

However, within three months, its share price had halved after the company revised revenue guidance sharply downwards. Shares currently trade at around a third of the listing price.

Trivedi will stay on at CAB as a senior advisor to the board, leading the company’s push globally, says a statement.

Ann Cairns, chair, CAB Payments, says: “The Board very much welcomes Neeraj to CAB Payments as our incoming CEO. He is a seasoned finance professional and proven leader who brings a wealth of experience to this role.”