McHugh replaces Joel Leonoff, who moves into the role of Vice Chairman of the Company’s Board of Directors.

With more than 20 years of experience as an executive in different leadership roles, McHugh leaves TSYS, where he helped grow the company’s revenues and profits "by over 30%."

McHugh was previously Global CFO of Barclaycard and CEO of Barclaycard Business Solutions, where it was his duty to implement various strategic growth strategies.

During his tenure, the business doubled in size during a five-year period.

Stuart Harvey Junior, Chairman of the Paysafe Board of Directors, said: "McHugh’s relentless focus on serving the customer, and his proven ability to drive operational excellence within complex financial organisations, had led to strong results throughout his career.

"This track record combined with his visionary approach will be invaluable as we advance the company’s corporate strategy.”

McHugh said: "The opportunity to continue to invest in and leverage Paysafe’s differentiated payment assets, as well as identify new areas of growth while working with a highly focused and energised team, is a very exciting one."