Barclays has hired Amazon’s head of European payments Antony Stephen to lead the bank’s foray into the booming buy now, pay later market.
As CEO, Stephen will focus on scaling the point-of-sale finance business in the UK, and providing senior leadership to Barclays Cubed, the bank’s next-generation commerce platform.
Through his most recent role as Head of Amazon Payments Europe, Stephen led a $50+ billion portfolio of payment products including credit cards, instalment loans and a financial services marketplace.
At Barclays he will report to Ruchir Rodrigues, head of barclays Cubed & Consumer Bank Europe, with a focus on growing the point-of-sale finance business in the UK.
Designed to provide an end-to-end shopping exchange between Barclays’ customers and SME and corporate clients, Cubed forms a key part of the bank’s £900m income growth opportunity in payments, announced earlier this year.
Stephen says of his new role: “This is an incredibly exciting time for point of sale finance – while the core business model has existed for a long time, it has surged in popularity and prominence in recent years, thanks to advancements in technology and changes in customer behaviour. With its unrivalled network of both consumers and major retailers, Barclays recognises the fantastic opportunity it has to lead the market, and I’m thrilled to be joining the bank at this pivotal moment.”
Barclays moved into the buy now, pay later sector in November last year through a partnership with Amazon in Germany, offering customers a rolling credit line for future purchases from the e-commerce giant.