Boku Inc, the global network for localized payment solutions, has appointed Stuart Neal as Chief Executive Officer, effective 1 January 2024, and as a Director of the Company, effective 17 January 2024. Neal takes the helm from Jon Prideaux, who announced his intention to retire in July 2023, and will remain on the Board as a Non-Executive Director.
Boku is revolutionizing the payments industry with technology that enables payment choice. Its global network of localized payment solutions, which includes Direct Carrier Billing (DCB), digital wallets and Account-to-Account (A2A) connections give people the freedom to pay for their favorite goods and services using their preferred payment method – no matter where they are in the world. Boku’s customers are global merchants including industry giants Amazon, Google, Meta, Microsoft, Netflix, Spotify, Tencent and Sky.
Local Payment Methods (LPMs) now represent two-thirds of all global online payments – a significant rise from 2010, when they accounted for one quarter of all online payments. During the first half of 2023, Boku continued to expand its network to over 300 LMPs across 60 countries and saw rapid customer adoption – with over 32 million new consumers making their first purchase with Boku. Globally, Boku’s network reaches over 7.5 billion consumer payment accounts in more than 90 countries.
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Boku CEO Stuart Neal brings more than 20 years of payments, banking and innovation leadership experience to Boku, combined with a deep understanding of the Boku business. He previously served as Boku’s Chief Financial Officer between 2011 and 2014 and again between 2017 and 2019, seeing the company through soaring demand and its IPO. Neal returned to Boku in 2022, where as Chief Business Officer of Boku’s Identity Division, he led the division’s growth and acquisition by Twilio. Neal re-joined Boku as CEO Designate in July 2023 after Jon Prideaux announced his plans to retire. During the course of his career, Neal has also held senior leadership positions at companies including Barclaycard, Featurespace, VocaLink, GlaxoSmithKline, and Virgin Media.
As CEO and company director, Stuart will continue to build on Boku’s commercial momentum and drive innovation, as the company executes its mission to enable payment choice globally and unlock new growth for merchants.
“I am excited to return to Boku as CEO at such a dynamic and promising time for the payments industry,” commented Stuart Neal, CEO, Boku. “Our mission at Boku is to empower people everywhere to pay for the services they love the way they want, and allow global merchants to seamlessly offer localized payment choice and unlock new growth. I look forward to leading the phenomenal Boku team as we continue to innovate and forge new partnerships, creating the global network of localized payment solutions and giving both merchants and consumers real payment choice.”
Jon Prideaux, Non-executive Director and former CEO at Boku, said; “We’ve secured partnerships with all the major tech players, successfully expanded beyond carrier billing and established ourselves as a global force in local payments – driven initially by e-wallets and later by account-to-account payments. It’s the perfect time to pass the baton to someone who can lead the Company into its next chapter. Knowing Stuart well, I believe he is the ideal candidate to continue the strategy we have set out.”
SOURCE: BusinessWire