PhonePe appoints Ritesh Pai as CEO of International Payments

Digital payments platform PhonePe has announced the appointment of Ritesh Pai as chief executive officer (CEO) of its International Payments business. 

In his last role, as the president of products and solutions at TerraPay, Pai was responsible for launching and implementing payment products and solutions globally. 

At PhonePe, he will lead the firm’s international growth and expansion plans.

PhonePe had achieved a new milestone in October as the fintech platform crossed 5 billion (5.33 billion) transactions via unified payments interface (UPI).

Meanwhile, PhonePe has expanded into financial services such as insurance, mutual funds, stockbroking, and lending. In August last year, PhonePe announced its foray into stock broking with Share(dot)Market.

The company also designated new CEOs for each vertical. Hemant Gala has been promoted to the role of CEO for the lending business while Vishal Gupta, Vivek Lohcheb and Ujjwal Jain will lead insurance, Pincode and Share.Market vertical respectively.

Since January, the company has raked in $850 million in its ongoing funding round. It has raised funds across five tranches at a pre money valuation of $12 billion. Just before the fundraise, PhonePe completed its full separation from the e-commerce marketplace Flipkart and became a fully India domiciled company.