PayU appoints ex-PayPal exec as CEO

Naspers-owned payment services provider PayU on Tuesday announced the appointment of ex-PayPal Europe VP Laurent Le Moal as CEO.

According to a press release sent to Memeburn, Le Moal’s role as CEO sees him join the Naspers management team to lead its payments business, reporting directly to Naspers’ Group CEO, Bob Van Dijk.

At the pinnacle of his 11-year career at PayPal, Le Moal was VP for Continental Europe, Russia, Middle-East and Africa, leading the growth of its consumer franchise across diverse geographies.

Le Moal will reportedly lead PayU’s strategy and growth, building on the company’s position in high growth markets around the world and developing payment solutions which meet the local market needs of both consumers and merchants.

Read more: Payments startup i-Pay gets expansion support from PayU [updated]

“Laurent’s impressive entrepreneurial and business development experience leading multiple teams in diverse global markets is a perfect fit for Naspers and PayU,” said Naspers Group CEO, Bob van Dijk His understanding of digital payments in markets with long-term growth potential is a great asset to the PayU team and we are delighted to welcome him to the Group.”

The announcement comes as PayU is trying to expand into a number of other areas of business and markets. In September last year, for instance, it inked a deal with i-Pay to aid in its efforts at expanding across the continent. It’s also done a lot of work with its virtual wallet, including a 50% discount on transaction fees for the first three months after launched.

“I have always been impressed with the PayU team and its track record in addressing the opportunities and challenges in the global and local digital payments sectors,” said Le Moal. “I’m looking forward to working with the team to continue to position PayU as an industry leader in markets across the globe.”