One of Britain's best known fintech companies has a new COO

Monitise, the mobile payments company, has appointed a new chief operating officer as it looks to stabilise its management team following the departure of two CEOs and a chief financial officer in less than a year.

The company has added Gavin James, currently the chief executive of call centre operator Vertex Group, as its new COO. James has been working with Monitise as an advisor for five months, more recently in a “finance function capacity.” James is a chartered accountant by profession.

Commenting on the appointment, Monitise’s current chief executive, Lee Cameron said in a statement: “I am delighted that Gavin is formally joining Monitise as Chief Operating Officer. Gavin has supported the Company over the past five months and brings a wealth of experience to the role. His continued support and oversight of all operational and financial matters ensures that my time is focused on business development opportunities and execution of our strategy.”

James’ appointment looks to be part of an accelerating turnaround for Monitise, which in the past has struggled to make a profit, something which has been compounded by competition in the mobile payments sphere from the likes of Apple Pay. In its most recent results, released in September, losses increased from £31.4 million in 2014 to £41.8 million and revenue fell 6% to £89.7 million.

However, in January, the company forecast that it is expecting “
prospective EBITDA positive trading for H2 FY 2016″ something that it says “means the business is sufficiently well funded to meet its future plans”. Essentially, it expects to be profitable in the second half of 2016, something that hasn’t happened in five years.

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