Barclays has hired a new CEO, Antony Stephen for its point-of-sale finance business, Barclays partner finance, and is used by the likes of Apple, British Gas and Wickes to spread the cost of larger purchases, according to media reports. Stephen will step into his role on October 4, 2021, and will focus on growing the point-of-sale business in the UK and help guide the bank’s new commerce platform, Cubed.
Stephen joins Barclays from Amazon where he was head of Amazon payments in Europe, bringing more than 25 years of industry experience in the financial and payments sector.
Stephen told the media, “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.”
As the head of Amazon Payments Europe, Stephen led a $50+ billion portfolio of payment products including credit cards, instalment loans and a financial services marketplace. He will report to Ruchir Rodrigues, head of Barclays Cubed & Consumer Bank Europe.
Cubed is designed to provide an end-to-end shopping exchange between Barclays’ customers and SME and corporate clients. It also forms a key part of the bank’s £900 million income growth opportunity in payments.