Sanj Goyle, former CEO of Finxera, Inc., will lead the consumer finance division; Praveer Kumar, former CTO of Finxera, will take on the CTO post at Priority, a position formerly held by Sean Kiewiet.
Kiewiet is moving into the new position of chief strategy officer, and Carlos Navarro, formerly with JP Morgan Chase and Elavon, is Priority’s new chief revenue officer.
Priority finalized its acquisition of banking-as-a-service (BaaS) platform Finxera Holdings last month through its subsidiary Prime Warrior Acquisition Corp, for $375 million in cash and 7.6 million shares.
BaaS is a $1 trillion industry that is anticipated to reach as high as $3.6 trillion by 2030. Some 12,000 startups in the financial services space are looking into the sector, PYMNTS research shows.
Tom Priore, Priority chairman and CEO, said that each new hire will bring “depth and breadth” to the company and will help steer its “accelerating growth.”
He added that Priority is tapping into the unique skills of each person to expand and accelerate the company’s product and consumer finance offerings, as well as further develop its long term strategy and growth initiatives.
Priority offers a single platform that operates at scale to collect, store and send money.
Priority works with more than 200,000 merchants processing over 590 million transactions, representing $55 billion in payments processed each year.