Stripe has put an ex-HSBC compliance guy in charge of its UK business
Compliance people in banks today are some of the people most at-risk of being displaced by AI. Some compliance people who left for fintech appear to be having a much better time.
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Marc Fungard announced that he has become CEO of the UK entity of payments giant Stripe. He has spent the last three and a half years at Stripe in London and concurrently holds the role of global head of financial crime, compliance and risk oversight. Before that, he spent eight years at HSBC, where he was global head of its financial intelligence unit, then its global head of compliance analytics. Fungard also spent over a decade working for the US government in a variety of roles; he spent four years as director of the office for illicit finance within the US Treasury.
He replaces Stephen O'Callaghan, based in Stripe's Dublin headquarters, who had been CEO of the UK arm for over two years. He announced via LinkedIn that he has become CEO of Stripe's European arm, 'Stripe Technology Europe Ltd.' For now, O'Callaghan is still registered as a director on the UK entity whereas Fungard is not. The firm did not respond to a request for comment.
O'Callaghan doesn't come from a bank like Fungard, but he does have a background in accounting; he started his career at Big Four firm EY, then worked across the finance teams of Google and Meta before becoming Stripe's head of international accounting from 2015 to 2020.
They're both intriguing picks to run the UK business, which is largely populated with technologists and salespeople. Its most recent accounts on Companies House, for 2024, showed that it had 288 employees of which 204 worked in sales or tech. Stripe's accounts don't make any disclosures around executive pay, but the average total compensation for employees in the UK entity was ÂŁ260k that year.
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