Phi Commerce, a payments company based in Pune, has appointed its co-founder Rajesh Londhe as Chief Executive Officer (CEO). The former head of this position, Jose Thattil, is moving to the role of Executive Chairman.
Rajesh Londhe previously led the company's payments division. He will now oversee the business operations, including global strategy, profit and loss (P&L), and will contribute to international expansion, corporate technology implementation, and product innovation. Additionally, he will focus on expanding the company into new markets and building local partnerships.
Jose Thattil will be responsible for the long-term strategic direction of the company, overseeing market entry strategy, investor relations, fundraising, as well as global mergers and acquisitions (M&A), joint ventures, and consolidation opportunities.
Londhe's promotion comes at a time when the company aims to deepen its international presence through full-fledged platforms covering both issuance and acquisition sides.
In a statement, Londhe noted: 'Phi Commerce is stepping up to a much larger opportunity—transitioning from an India-based payments business to a full-fledged global acquisition and issuance platform.'
The fintech company plans to target banks, payment processors, and large enterprises with an integrated suite of services.
Thattil added: 'We have built strong payment capabilities, and now we are taking a much broader platform to the world. I will manage the strategic, capital, and partnership moves that will accelerate Phi's global ambitions as Executive Chairman, while Rajesh's move to CEO sharpens our focus on scale and execution.'
In July, Londhe stated that the company was focusing on implementing its payment infrastructure among small and medium-sized banks, expecting that technology services would constitute a growing share of its revenue.
The firm is betting on deploying two core components of its infrastructure—acquisition and issuance stacks—as these banks seek to fully own corporate relationships.
It is expected that these efforts will increase the contribution of Software as a Service (SaaS) product revenue to 40 percent over the next 18 months, up from the current 20 percent. The remainder of the revenue comes from the company's payment aggregation business.