Onbe, the digital payments provider, appointed Bala Janakiraman as its CEO, the company said in a July 13 press release. Janakiraman was previously the executive vice president and head of partner solutions at Fiserv before joining Onbe.
Ex-CEO Juli Spottiswood, who was in the role on an interim basis, will remain as the company's chairman on Onbe's board of directors. “Bala’s appointment as CEO is a key milestone on that path, and I can’t wait to see how the company continues to grow, evolve, and push the boundaries of payment innovation under his leadership,” Spottiswood said in the release.
The Conshohocken, Pennsylvania-based company has experienced major changes in recent months, including a merger, rebranding and management team changes since December 2020. The appointment of Janakiraman follows the company's rebranding as Onbe in March.
Onbe has appointed Janakiraman as CEO effective immediately, according to the release. Janakiraman has over two decades of experience working in the e-commerce and payments industry, with past roles at Fiserv, Standard Chartered Bank, WorldPay. He was also previously CEO of BluePay, a Naperville, Illinois based payments processing company.
Onbe is “an organization that is well-positioned to meet the growing demand for digital payments and to continue shaping the future of corporate payouts,” Janakiraman said in the release.
The company is the result of merging two payments companies, daVinci Payments and North Lane, in December 2020. Spottiswood set a course for expanding the company’s offering into the corporate payments segment.
Both companies have focused on corporate payments, and merging the two companies brought many different services under one umbrella, Spottiswood said in an interview earlier this year. DaVinci was strong in consumer rebate payments and incentive payments while Northlane was strong on payroll and deposit returns, among other things, she said.
Onbe received a majority stake investment from Centerbridge Partners in December 2020 and boasts venture capital investments from Bain Capital Ventures and Silversmith Capital Partners, Spottiswood said by email. Spottiswood also leads Plano, Texas-based Syncapay, a holding company for Onbe that acquires payments tech companies.
“The addressable market of the combined company is estimated to be $7.9 trillion in annual payment volume,” the press release stated.