Mohit Davar is an experienced payments executive, who has been working in the global remittance industry for over 15 years. He has extensive hands on experience of setting up and leading global teams and operations and managing relationships with banks/financial institutions and regulators at the senior most level. He has been involved in two start-ups in this industry, first in 1997 he helped form the Joint Venture between MoneyGram and Thomas Cook and took the position of CFO and then went on to become the CEO until 2003, when this was sold back to MoneyGram. This was valued in excess of US$200m at the time of the transaction. He then set up Travelex Money Transfer in 2003, which was acquired by Coinstar in May 2006 for approximately US$27m. Mohit is currently the CEO of Coinstar Money Transfer, which is a leading global money transfer company with 50,000+ agent locations in over 140 countries. Coinstar acquired California-based Groupex in 2007-8 for approximately US$50m and in August 2010 Coinstar (NASDAQ: CSTR) and Sigue Corporation announced the signing of a definitive agreement for Sigue to purchase Coinstar’s money transfer business, a deal expect to close in the 1st semester of 2011.
Prior to MoneyGram Mohit worked at Thomas Cook M&A and Sedgwick, the insurance brokers. Mohit was born in India and currently resides in London.
2006 to present. Chief Executive Officer, Coinstar Money Transfer Ltd (CMT) following the purchase of Travelex Money Transfer Ltd. Mr Davar was asked by Coinstar to carry on his role as CEO of Travelex.
2003 – 2006 Chief Executive Officer , Travelex Money Transfer Ltd. Built a business in three years from inception when it was sold to Coinstar for approx $27million.
2002 – 2003 CEO MoneyGram International
2000 - 2003 Chief Operating Officer and Deputy CEO MoneyGram International
1997 - 1999 Chief Financial Officer MoneyGram International MoneyGram International was a joint venture between Travelex/Thomas Cook and Travellers Express Inc. He was also a Board Member and Company Secretary of MoneyGram International.
1995 - 1997 Manager – Group Corporate Finance, Thomas Cook Group Ltd
1993 - 1995 Senior Auditor – Group Internal Audit, Sedgwick Group plc
1988 – 1993 Auditor Wilson Wright & Co, Chartered Accountants. Qualified Chartered Accountant