SOURCE: Braintree

Braintree

February 29, 2012 05:45 ET

Braintree Names Amitabh Jhawar CFO

CHICAGO, IL--(Marketwire - Feb 29, 2012) - Braintree (www.braintreepayments.com), an online payments provider that powers commerce for many of the fastest-growing and most discerning Web 2.0, social and mobile businesses in the world, appointed Amit Jhawar to the position of chief financial officer.

An experienced finance executive, Jhawar has worked with several leading organizations to improve their performance. As CFO at Braintree, Jhawar is responsible for the management and direction of the company's finance and accounting functions and new business development initiatives, such as expanding Braintree's partnerships and continued international growth.

Jhawar joins Braintree from KKR, where he worked on evaluating potential acquisitions as well as building new capabilities within portfolio companies through improved operations and partnerships. During his tenure at KKR, his companies distinctively outperformed their peers by sustainably gaining market share and improving margins through his efforts to carefully tailor their offerings to the marketplace. Prior to KKR, Jhawar held positions with the Chicago offices of Bain Capital/Sankaty Advisors and McKinsey and Company, both of which recognized him as a top performer.

Jhawar earned his bachelor's degree in mechanical engineering from University of California, Berkeley, and his MBA from Harvard Business School, both with high honors.

"Amit is a respected finance executive with deep experience working with high-growth companies," said Bill Ready, CEO of Braintree. "He brings insight to our company at an important time when we are expanding rapidly, broadening our product offering and evaluating many high-growth options for the future."

Braintree's client list reads like a Who's Who of influential technology companies, including LivingSocial, 37signals, OpenTable, GitHub, Airbnb, Heroku, Engine Yard, Animoto, Shopify and HotelTonight. Braintree is processing more than $4 billion in annual credit card volume and is adding more than 100 new merchants a month. Braintree's explosive growth earned it a spot on the 2011 Inc. 500 list as the nation's 47th fastest-growing private company, with a three-year growth rate of 4,200 percent. Braintree ranked first in the online payments industry. Braintree attracted a $34 million Series A investment from Accel Partners in June 2011 after founder Bryan Johnson profitably bootstrapped the company for four years. Accel is one of the most respected venture firms in the world and has invested in such well-known companies as Facebook, Groupon, Dropbox and Rovio, the creator of Angry Birds.

About Braintree
Braintree helps online and mobile businesses process credit card payments by providing a merchant account, payment gateway, recurring billing and credit card storage. The company is disrupting the payments industry by providing elegant tools for developers coupled with white-glove support. Founded in 2007, Braintree works with the world's most discerning online merchants, including LivingSocial, 37signals, OpenTable and GitHub. The company is processing more than $4 billion in annual credit card volume from more than 2,000 merchants. Braintree was profitably bootstrapped for four years before accepting a $34 million investment from Accel Partners in 2011. Braintree ranked 47th in the 2011 Inc. 500. Visit us at www.braintreepayments.com and on Twitter @braintree.

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