Ali Rathod-Papier, the former global head of compliance at Brex, has joined venture firm Andreessen Horowitz (a16z) as a partner and compliance officer. In her new role, Rathod-Papier oversees a16z’s foreign expansion and policy efforts, managing financial crime and national security risk, as well as overseas operations. She had been with Brex for two and a half years, serving in various roles including head of financial crime compliance.
Rathod-Papier’s departure from Brex was amicable, according to Brex CFO Ben Gammell, who praised her contributions to financial management and compliance. Meanwhile, Bruce Wallace, a long-term advisor to Brex, has taken on the role of interim head of compliance.
The timing of Rathod-Papier’s move to a16z is interesting, as the firm recently invested in Synapse, a banking-as-a-service startup that filed for bankruptcy and has faced controversy regarding missing customer funds. However, a16z has not publicly addressed the issue. The firm’s fintech investments include Wise, Affirm, Deel, and Greenlight.
In other news related to Brex, Doug Adamic is no longer the chief revenue officer. Garrett Marker has taken over the role, coming from his previous position as vice president of global sales at Braze. Adamic had taken on the CRO position in May 2022 after Sam Blond left.
These personnel changes at Brex come after the company announced its decision to abandon its co-CEO model. Co-founder Pedro Franchesci is now the sole CEO, while co-founder Henrique Dubugras has become the chairman of the board. Franchesci and Dubugras believe that having two CEOs could hinder the company’s growth and that investors will be more attracted to a traditional model with a single CEO when Brex eventually goes public.
Interestingly, in June 2023, Jason Mok, a former operating partner at a16z, joined Brex as the head of startups.
These developments in the fintech industry highlight the dynamic nature of the sector, with key players making strategic moves to position themselves for growth and navigate challenges. The involvement of experienced professionals like Rathod-Papier and Marker underscores the importance of compliance and revenue generation in the competitive landscape. As the industry continues to evolve, companies will need to adapt their leadership structures and strategies to stay ahead.