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Former Mastercard CEO Ajay Banga Joins General Atlantic

Private equity firm hires financial services executive effective Jan. 1.

The former chief executive officer of Mastercard, Ajay Banga, has joined General Atlantic as vice chairman, the private equity firm said.

Banga will start advising the private equity firm on strategic matters, its investment teams and over 165 growth companies globally on Jan. 1.

He will focus on financial inclusion such as giving people and businesses access to affordable financial products, General Atlantic CEO Bill Ford told the Wall Street Journal. Banga has a history of "developing commercially sustainable social impact and innovating for inclusion," the private equity firm said in a statement.

Banga spent 12 years at Mastercard, the global payments provider, including over a decade serving as CEO. Prior to his tenure at Mastercard, he served as CEO of Citigroup Asia Pacific and also held several senior management roles in the U.S., Asia, Europe, Middle East and Africa over a period of almost 13 years.  

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Banga changed Mastercard into a payment technologies company via deals, adding new products and companies and expanding into new markets.  During his tenure with the company, revenue more than tripled and market cap rose some 16 fold. Mastercard also partners with fintechs in 172 countries.

His tenure came amid the rise of new financial tech companies and payment platforms including Square  (SQ) - Get Square, Inc. Class A Report and PayPal  (PYPL) - Get PayPal Holdings, Inc. Report, as well as surging growth and usage of cryptocurrencies.  

General Atlantic is a private equity firm that was founded in 1980 and focuses on investing in fast-growing companies in the consumer, healthcare, financial services, technology and life sciences industries. sectors. The firm manages over $78 billion in assets.