Australian fintech startup Beforepay today announced that its co-founder, Tarek Ayoub, is stepping down as CEO, to be replaced by Jamie Twiss.
Twiss has worked as Chief Strategy Officer and Chief Data Officer at Westpac for more than five years, and prior to that was Managing Director, Americas, of First State Investors. Twiss earned his undergraduate degree from Harvard University and completed his MBA at Stamford’s Graduate School of Business.
Beforepay said in a statement that Twiss will bring his 20 years of financial services experience to the company, at a time when the startup is considering a potential IPO and other growth opportunities. The addition of an executive with a pedigree in traditional banking is likely intended to appeal to investors who would otherwise be skittish about buying into a startup.
According to Twiss, “I look forward to working with the team to drive the next phase of growth, building on the phenomenal success that Tarek has delivered to date.”
Beforepay was founded in 2019 with the intention of disrupting the traditional “pay-day loan” space, which is dominated by unscrupulous characters charging exorbitant interest. The company allows users to borrow against their wages to meet unexpected expenses and pay the loans back within four weeks. It’s similar to Buy Now Pay Later vendors such as Afterpay, but differentiates itself by tying both the lending limit and repayment schedule to users’ pay cycles.
According to Beforepay, during Ayoub’s role as CEO, the company “registered 300,000 users and completed more than $A70 million in wage instalments since launching last year.”
“Tarek and the team have built a terrific product with strong technology behind it, and the company is well-positioned to continue its rapid growth,” said Twiss.
“I’m honoured to be part of Beforepay’s mission to bring more transparent and flexible financial solutions to people around the world.”