Paymate Announces New CEO, Opens New Global Headquarters in Silicon Valley

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Approved eBay Payment Provider Expands Presence in U.S.

Paymate, an innovative provider of Internet payment services, announced today that Mr. Garrett Gafke has been named Chief Executive Officer. Gafke, who was appointed to Paymate's Board of Directors in January 2009, succeeds Mr. Dilip Rao, Paymate's founder and founding Chief Executive Officer. Mr. Rao was named President. The new executive appointments are effective immediately.

At the same time, Paymate opened its worldwide headquarters for the company, originally founded in Australia in 2000. Mr. Gafke is based in the company's new offices in Silicon Valley, CA.

Earlier this year, Paymate was selected by eBay as one of their approved online payment options, giving the eBay market a new payment alternative focused on providing buyers and sellers a simpler, easier to use, more intuitive online payment experience.

Dilip Rao, founder and President of Paymate stated, "We are delighted to announce Mr. Gafke's appointment to lead the growth of Paymate's services around the world, both to eBay members, and online retailers. In his role as a distinguished board member, Garrett has applied his wealth of leadership experience and industry-savvy to help shape Paymate's direction. Our integration into earlier this year is recognition of our global credentials as a safe and secure payment provider, and Mr. Gafke brings strong credentials in entrepreneurship and executive management, as well as a deep understanding of the payments industry to this role."

He added, "Mr. Gafke's previous roles in developing companies such as CyberSource, Trintech, and VeriFone into industry leaders has given him a clear understanding of the challenges in achieving global scale. His exposure to pre-IPO companies well as Fortune 500 companies gives him a broad base of skills across a range of functions and global management. Mr. Gafke will be able to leverage Paymate's core competencies in risk management, ecommerce and customer satisfaction to clearly differentiate Paymate as we grow."

Mr. Gafke said, "I am thrilled by the opportunity and to work with such a fiercely committed team while we advance through our next phases of growth. I have been very impressed by Dilip's determination to build Paymate into a company with exceptional customer focus and market position."

Gafke's previous executive positions include President and CEO roles at SteelEye and SeeControl, and executive positions at Cardinal Heath, CyberSource, Trintech, VeriFone and Hewlett Packard. Gafke also serves on the boards of Anchor Bay Technologies, Nimbus, Paymate, and DW Ventures.

About Paymate
Paymate is the leader in providing secure, reliable and innovative Internet-based payment services to buyers in 57 countries around the world and sellers in Australia, New Zealand and the USA. Our mission is to help you trade with the world. We pride ourselves on being trusted for the secure conduct of financial transactions, reliable in all our dealings and friendly in delivering services to our clients.


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