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News Plus 5 Jul 2021 - 2 min read

Quick transfer: Dentsu exec Patrick Darcy departs to join Eftpos-owned payment platform Beem It

By Josh McDonnell - Senior Writer

Dentsu's Pat Darcy joins Beem It ahead of plans for further expansion and an impending CX overhaul.

Dentsu's Chief Product Officer Patrick Darcy has departed the holding group to join Beem It, the payment platform owned by the big four Australian banks. As Chief Growth Officer, Darcy will work closely to improve the platform's market position and its CX overhaul.

What you need to know:

  • Dentsu executive Patrick Darcy has exited the holding group to join payments platform Beem It.
  • Owned by Australia's largest banks, Darcy steps in as Chief Growth Officer as the business enters its next stage of CX development.
  • Dentsu is yet to name a replacement for Darcy, who was also leading the group's data and tech capabilities.

Payment plans

Patrick Darcy, formerly Chief Product Officer for Dentsu, has exited the business to join eftpos-owned fintech Beem It.

The platform, which is backed by Australia's big four banks as part of the ownership structure of Eftpos, was launched in 2018 to rival the growing number of international payment players such as Osko (owned by BPAY).

Beem It, which confirmed Darcy's appointment, was acquired last year by eftpos from three of the big four banks, and serves a millennial market hit hard by Covid-induced financial turbulence.

The app allows users to transfer money instantly between Visa and Mastercard holders but has also evolved into an "all-in-one" digital finance platform, where users can manage expenses, schedule payments and make retail purchases.

“I’m immensely proud of what we’ve achieved together since I joined Dentsu, and I believe wholeheartedly in where Angela [Tangas] and the Dentsu executive team are taking the business,” Darcy told Mi3.

Darcy had overseen Dentsu's data and technology capabilities and was leading its strategy within emerging digital media channels, including broadcast video on demand (BVOD) and measurement platform VOZ.

Prior to joining Dentsu in 2019, Darcy was Chief Executive Officer at Cadreon, IPG Mediabrands' data and technology unit. He has previously held senior leadership positions with RadiumOne and Mi9, Nine’s digital arm.

“I want to sincerely thank Pat for his support and commitment during a period of meaningful change for our organisation and wish him every success for the future,” said Angela Tangas, CEO of Dentsu ANZ.

Earlier this year, Eftpos Head of Brand and Marketing, Anthony Dumont told Mi3 the platform would play a major role in the brand's ambition to become less of a "transactional" business, and more recognised as a fintech heavyweight.

This may lead Beem It to compete with other major payment players, such as Afterpay, which recently appointed Initiative as its new media agency as it pushes into other financial sectors including retail banking.

Key developments are likely to include a CX overhaul of the business, with the intention of creating a wider payments marketplace to encompass payments and retail services.

Mi3 Special Report: Australia's looming $1bn retailer media market

  • Australia's retailers are gearing up to become major media channels.
  • US retailers are already displacing 'legacy' publishers.
  • All retailers are eyeing media, not just supermarkets and FMCG.
  • Mi3 supported by Resolution Digital have produced a 28-page report with cross-industry views on what you need to know.

Expert analysis & market impacts for brands, publishers and agencies.

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