Fintech Leadership Sees High-Profile Changes
Capitec Bank appointed former AWS executive Andrew Baker as its new CIO, signaling a focus on cloud modernization and cybersecurity. Baker's appointment underscores the value placed on leaders with deep platform expertise. In a separate move, the CEO of Freetrade is stepping down after nine years, following the company's acquisition by IG Group.
- Andrew Baker's promotion to CIO from CTO comes after four years at Capitec Bank, where he worked closely with his predecessor, Wim de Bruyn. De Bruyn, who led the bank's technology and data transformation for 11 years, is moving to a new executive role focusing on Payments, Value-Added Services, and Forex. - Baker has a significant background in cloud technologies, holding seven AWS certifications and having previously worked at Amazon Web Services. His experience aligns with Capitec's ongoing cloud-first strategy, which has included migrating its banking app, call center, and credit data to AWS. - At Capitec, Baker has been involved in leveraging AI to enhance security and customer service. This includes using AI to detect malware, identify suspicious payments, and launching an "agentic solution" called Capitec Pulse that analyzes a customer's recent activity to predict the reason for their call. - Prior to his time at Capitec, Baker was the Group CTO at Absa, another major South African bank, where he initiated a zero-trust security project for over 50,000 users. His experience also includes roles at Barclays Capital and as a high-frequency trading developer. - The acquisition of Freetrade by IG Group was for £160 million in an all-cash deal announced in January 2025 and completed on April 1, 2025. IG Group plans to operate Freetrade as a standalone business, retaining its brand and existing management team. - Freetrade's CEO, Viktor Nebehaj, announced he is stepping down in the summer of 2026, stating on LinkedIn, "After nearly ten years of building, it feels like the right time for me to step back and take a proper break." IG Group is actively searching for his replacement. - Freetrade had achieved profitability for the first time in 2024, reporting a £12.3 million gross profit in the first half of the year. By the end of 2024, the company had 720,000 customers and £2.5 billion in assets under administration. - The acquisition provides IG Group with access to the growing UK direct-to-consumer investment market and a younger client base. IG plans to reinvest the majority of Freetrade's forecast profits over the next two years to expand its product range, hire talent, and increase marketing.
