Prepay Services has appointed Peter Cox as its Group Non-Executive Chairman ahead of a planned commercial launch in South Africa. Cox brings more than 40 years of experience in the payments and financial technology sectors to the role. He has also acquired a substantial shareholding in the company, signaling confidence in the fintech’s strategy and management team.
Experience in Banking-as-a-Service
Cox’s career spans decades in the industry. He was involved in launching Club Card with Tesco and contributed to the creation of the Nectar loyalty scheme under ID Data. In 2008, he founded Contis and served as its Executive Chairman. Under his leadership, Contis became a leading Banking-as-a-Service and payments platform. The firm was eventually acquired by Solarisbank in 2021. Since leaving Contis, Cox has invested in other regulated financial services businesses, including Capitalise.com, while maintaining a focus on fintech and payments.
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The company aims to improve how businesses manage customer payouts, with South Africa serving as its first launch market. As the company moves from development to commercial operations, it faces increasing regulatory scrutiny across payments, cryptocurrency, and related sectors. Prepay Services stated that Cox’s expertise in governance, compliance, and operating regulated entities will support its growth during this transition.
According to a statement from the company, Cox will work closely with the board and executive team on strategic direction and organic growth. He is also expected to help identify and potentially acquire complementary businesses to expand the company’s reach.
Leadership Endorsement
Prepay Services Founder and CEO Louis Yadgaroff highlighted the value of Cox’s appointment. He noted that the decision to make a substantial personal investment demonstrates strong support for the company’s vision. “Peter’s decision to become our Non-Executive Chairman and make a substantial personal investment in our business is a tremendous endorsement of what we are building,” Yadgaroff said.
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Cox expressed enthusiasm about returning to the payments sector. He stepped back from active management to focus on his private office, Paydyn Financial Ltd, and its technology and retail interests following his time at Contis. “I am delighted to take on the role of Non-Executive Chairman and to deepen my commitment to Prepay Services as a substantial shareholder and the global payments sector as a whole,” Cox said.
He added that he has been impressed by the progress the company has made and the strength of the team. “I have been impressed by Louis’ vision, the strength of the team, and the massive progress made to date,” Cox said.
