IPO-bound Pine Labs to appoint Avendus' Sameer Kamath as new CFO

Pine Labs, a merchant payments company preparing for its Initial Public Offering (IPO), is set to appoint Sameer Kamath as its new Chief Financial Officer (CFO), according to two sources familiar with the matter.

Kamath is currently the group CFO at Avendus Capital, a Mumbai-based investment bank, and is expected to join the digital payments company soon, as reported by ET. With over two decades of experience in the financial services industry, Kamath previously held the position of group CFO at the Mumbai-based brokerage firm Motilal Oswal. Queries sent via email to Pine Labs went unanswered.

Kamath's appointment follows the resignation of Marc Mathenz, the company’s CFO based in Singapore, who left in June, just before Pine Labs filed its draft prospectus with the Securities and Exchange Board of India (SEBI). According to one insider, "Pine Labs needed an Indian CFO since the company reversed its parent entity from Singapore to India."

Additionally, Shalini Saxena is set to return to Pine Labs as its general counsel. Bar and Bench was the first to report this development. Saxena previously served as general counsel at Pine Labs from 2019 to 2022 before moving to the cryptocurrency exchange startup CoinDCX as its legal head. Now, she will be rejoining Pine Labs.

Key personnel at Pine Labs include Kush Mehra, the Chief Business Officer; Sumit Chopra, the Chief Operating Officer; and Navin Chandani, the Chief Business Officer of the issuing business. The company is currently led by Amlish Rau, a former top executive at PayU, who serves as its CEO.​