JPMorgan's VR guy quit for a struggling fintech
After 19 years spent across two of the world's largest banks, technology and product specialist Andy Repton is entering London's fintech scene. Repton announced his departure from JPMorgan at the weekend to join Europe's largest payments fintech, Checkout.com, despite a slash to its internal valuation.
Repton joins Checkout.com as its product director for IT. Prior to that he was an executive director at JPMorgan working in immersive technology, AR and VR.
He was also formerly a director of product management for employee experience and workplace technology and worked on organisational strategy and agility. JPMorgan hs been cutting costs (and people) in the tech teams, meaning the jump to fintech isn't quite as risky as it may initially seem.
While he spent just under 9 years at JPMorgan, the bulk of his finance career was at Goldman Sachs, where he spent over 10 years at Goldman Sachs. He was an EMEA lead for cloud computing and infrastructure.
Sifted reports that Checkout.com is cutting its valuation to $9.35bn from a drop to $11bn just seven months ago. In an email to staff, CPO Kerry Van Voris calls it "a good thing" as it creates more potential financial upside to RSUs bought following the decrease, echoing Stripe's 47% value decrease in March.
While much of Repton's payment will come in the form of RSUs, such is the fintech norm, the alternative of staying in banking isn't much better as average pay has fallen 19.8% according to the eFinancialCareers 2023 compensation report.
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