LAUDERDALE, FL and GIBRALTAR – October 19, 2015 – WaveCrest Group, a global corporate payments provider, today announced the promotion of industry veteran Brent Almeida to chief executive officer and a $14M investment by Vesuvius Ventures, the company’s controlling shareholder, pending final shareholder approval. Almeida will join the WaveCrest board of directors and oversee all aspects of WaveCrest’s operations and platform strategy that has delivered a wide range of award-winning solutions.
“Brent’s deep payments industry expertise and experience with WaveCrest – since its formation as CFO and most recently COO – positions him well for his new role,” said John Racine, chairman of WaveCrest. “His strong financial, operational, and strategic experience will continue to propel WaveCrest as a leader and innovator in the global payments industry.”
“As part of the WaveCrest leadership for more than five years, I’m pleased to see our team through the next step in our strategic evolution,” said Almeida. “WaveCrest has an exciting opportunity to grow, as we expand our presence in cross-border payment solutions and specialized corporate payments markets.”
With this transition, John Racine will continue as chairman guiding WaveCrest’s various strategic partnership and M&A initiatives.
The $14 million Series E funding will support new investment in WaveCrest’s award-winning payments platform.
“Vesuvius’s investment supports WaveCrest’s global corporate payments strategy, and strengthens its commitment to fund the company as it executes its growth plan,” said Paul Marshall, managing director of Vesuvius Ventures and WaveCrest director.
WaveCrest provides award-winning payment solutions to corporations and governments worldwide, focusing on specialized corporate payments markets and cross-border remittances. Programs include business-to-business payouts, employee, student and taxpayer disbursements, mobile wallets, prepaid cards, lottery payments, pre-defined and custom offerings. WaveCrest Holdings Limited in Europe is a regulated e-money issuer and a principal member of MasterCard and Visa EU. WaveCrest Payment Services of the Americas, Inc. is a FinCEN-registered prepaid access provider, and an issuer of Discover Network prepaid cards. Visit us at http://www.WaveCrest.gi.