Prosus-owned PayU Payments Pvt Ltd on Tuesday appointed Manish Deo as the company’s head of risk operations and anti-money laundering.
In his new role, Deo will oversee the risk management framework, mitigation strategies and risk operations across PayU’s payments business.
“Manish has an excellent record of risk management in financial services and his expertise and insights will be invaluable in our work to monitor and increase the effectiveness of our anti-financial crime efforts,” said Anirban Mukherjee, chief executive officer, PayU Payments.
Deo has two decades of experience in risk management, digital transaction monitoring and credit risk strategies for payment and lending businesses. Prior to his appointment at PayU, he was associated with IndusInd Bank, wherein he last served as the senior vice president and was the head of the risk containment unit in the bank.
He has also worked with banks such as Axis Bank and IDFC First Bank previously.
PayU, which provides payment gateway solutions to online businesses was in the news last year after it terminated its $4.7 billion agreement to acquire payments provider BillDesk, a month after the deal between PayU and shareholders of BillDesk was cleared by the Competition Commission of India (CCI).
Last week, PayU’s buy-now-pay-later platform LazyPay was among the 94 applications which were impacted by the Ministry of Electronics and Information Technology’s (MeitY) latest move of banning them due to links to China.
As per data accessed by business intelligence platform Tofler, the startup reported a 51% rise in its revenue at Rs 2,130.3 crore for FY22 with the fintech firm’s bottom line standing at Rs 126 crore in FY22 against a net loss of about Rs 117 crore.