Ali Rathore-Papier has stepped down from his role as global head of compliance at the corporate card spend management startup Brakes to join the venture firm Andreessen Horowitz (a16z) has been appointed as partner and compliance officer, TechCrunch has exclusively learned.
Rathore-Papier and a16z declined to comment on the move.
according to him LinkedIn ProfileRathore-Papier now “oversees a16z’s overseas expansion and policy efforts, supports the government affairs team, manages financial crime and national security risk as well as overseas operations.” She spent a total of 2 ½ years at Brex before joining a16z in May, where she served in a variety of roles, including head of financial crime compliance.
Brakes CFO Ben Gammell told TechCrunch that her departure was “amicable,” adding that Rathod-Papier “made invaluable contributions to financial management and compliance during her tenure at Brex” and that she helped position the startup “well for growth” in its next chapter.
Rathod-Papier shared this decision with her coworkers in April, according to Slack communications viewed by TechCrunch. A Brex spokesperson told TechCrunch this week that the startup is currently recruiting a backfill for her role. In the meantime, Bruce Wallace, a longtime advisor to Brex who has previously served as COO at Silicon Valley Bank and head of risk and fraud operations at Wells Fargo, has taken on the role of interim head of compliance.
The appointment comes at an interesting time for a16z, which had invested in Synapse, a banking-as-a-service startup that filed for bankruptcy in April and has since under fire for an estimated $85 million worth of missing customer funds. The firm has remained silent on the subject of Synapse’s dispute. TechCrunch spoke to a16z’s fintech leads and general partners Angela Strange And Anish Acharya About the firm’s strategy in this area in 2022. The firm’s non-crypto high-profile Fintech Investments These include Wise, Affirm, Deal and Greenlight etc.
Meanwhile, TechCrunch also learned this week that Doug Adamic is no longer Brex’s chief revenue officer. The startup told us that Garrett Marker Having recently assumed his position as Brez’s new CRO, Marker most recently served as vice president of global sales at Braze, a cloud-based customer engagement platform for multichannel marketing.
Adamic took over as CRO of Brex in May 2022 following the departure of Sam Blond, later Joining Founders Fund as a PartnerA role he ended up playing abdication since earlier this year. Prior to this, Adamic worked for over 16 years at SAP Concur (a competitor of Brex).
The move comes amid Brex’s announcement that abandoned its co-CEO model Co-founder Pedro Franchesi became sole CEO and co-founder Henrique Dubugras assumed the position of chairman of the board.
In an interview with TechCrunch earlier this month, the two said they believe having two CEOs could hinder the company’s growth, as it would deprive the company’s leadership of quick decision-making. They also think that when Brex eventually goes public — something they expect to happen in 2025 or so — investors will be more attracted to the traditional model of just one CEO running the company.
Interestingly, in June 2023, Jason Mok, former operating partner of 16z, said that, Joins Brex as Head of Startups,
Want more fintech news in your inbox? Sign up for TechCrunch Fintech Here,
Do you want to give me a tip? Email me at [email protected] or message me on Signal at 408.204.3036. You can also send a note to the whole TechCrunch team at [email protected]. For more secure communications, Click here to contact usWhich includes SecureDrop (Instructions here) and links to encrypted messaging apps.
brexs-compliance-head-has-left-the-fintech-startup-to-join-andreessen-horowitz-as-a-partner-techcrunch
