Hallett Departs CAB Payments Following Dramatic Post-IPO Decline

Portfolio - People | Feb 10, 2025 | Business Cloud

Richard Hallett, the CFO of CAB Payments, announced his decision to leave his position after nine years with the company. His departure follows an IPO in July 2023 that raised £851 million, but the company's market capitalization fell sharply to £152.5 million just three months post-IPO and has since stabilized around £151 million. Hallett was highly influential in establishing CAB Payments as a leader in foreign exchange and cross-border payments markets. Matthew Talty, the head of banking, will assume interim finance leadership until a new CFO is appointed. Ann Cairns, chair of CAB Payments, praised Hallett for his contributions, especially in transitioning the business from private to public ownership. Details of Hallett's exit agreement will be available in the 2024 annual report.

Sectors

FinTech
Corporate Finance

Geography

United Kingdom – CAB Payments is based in Sutton, UK, and their IPO took place in London.

Industry

FinTech – The article focuses on CAB Payments, a FinTech company involved in foreign exchange and cross-border payments.
Corporate Finance – The article discusses an IPO and market cap fluctuations, relevant to corporate finance.

Financials

£851 million – The amount raised during CAB Payments' IPO in July 2023.
£152.5 million – Market capitalization of CAB Payments three months post-IPO.
£151 million – Current market capitalization of CAB Payments.

Participants

Name	Role	Type	Description
CAB Payments	Target Company	Company	A FinTech company specializing in foreign exchange and cross-border payments.
Richard Hallett	Outgoing CFO	Person	CFO of CAB Payments, instrumental in its IPO and market presence.
Matthew Talty	Interim CFO	Person	Head of Banking at CAB Payments, taking on interim leadership of finance.
Ann Cairns	Chair of CAB Payments	Person	Chair of CAB Payments, commending Hallett's contributions.