IFX Payments announced that Co-founder Nick Williams will step down from CEO to Executive Chairman while Will Marwick will move up and replace him as Chief Executive Officer, effective immediately.
According to a press release shared with Finance Magnates, Nick Williams, Co-founder and former CEO at IFX Payments, a global fintech company, will transition to Executive Chairman as Will Marwick, IFX’s former COO, will progress to Chief Executive Officer.
Having led the business and received the triumphs from sixteen years of experience under his belt, he feels now is an appropriate time for management restructuring. With the remarkable growth in 2020 in part due to the coronavirus, the forex fintech is restructuring its leadership starting with Marwick. However, Williams, co-founder of the business, will focus on maintaining IFX’s high standards of governance and regulatory adherence.
“Having launched IFX 16 years ago, it’s been both exhilarating and satisfying to watch the transformation of the business from an impressive FX brokerage to a transformational fintech company. Now feels like the appropriate time to recalibrate our management structure with this extraordinary period of growth showing no signs of slowing,” said Nick Williams.
A Unique Look Back
Earlier to the promotion, Marwick’s prior role at IFX was Chief Operating Officer since he started in late 2019. In just over a year, he exceeded expectations of his goals and targets, which has led to his recent promotion. Prior to being COO, in spring 2018, he took on the responsibilities of Executive Director & Head of Legal and was located in London for almost two years. This required the directing of day-to-day operations and implementing its wider strategic initiatives. During this time, the organisation developed from a leading FX brokerage to a growing fintech company, according to his LinkedIn profile.
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Also, at Salamanca Group he served as General Counsel for more than three and a half years. He provided legal and compliance guidance in various applications.
The Future Is ibanq
At this juncture, advancing Marwick to CEO follows the extraordinarily successful launch of ibanq, IFX’s multi-currency, virtual IBAN account. Although ibanq is young, it has contributed to the business by doubling its client base in the past year. Thus, ibanq integrates directly into IFX’s foreign exchange infrastructure and global payments network. In 2020, the number of payments that IFX handled monthly escalated by 3000% to 150,000 a month and doubled its turnover to £20 million.
Marwick said: “The launch of ibanq has transformed IFX and promises to revolutionise the whole digital payments experience. ibanq has not only been the engine for our rapid growth this year but as IFX moves into another exciting phase, I am already relishing the promise of helping thousands of businesses realise their potential.”