Fat Zebra promotes Hakkinen, Kwakernaak in reshuffle

Fat Zebra has appointed Leena Hakkinen as Chief Operating Officer and Kees Kwakernaak as Chief Commercial Officer as Australia's payments industry moves towards a new Payments Service Provider licensing regime.

Hakkinen joined the payments company in June 2025 and now moves into its executive leadership team. She will oversee operational risk, customer operations, business continuity and organisational effectiveness across the business.

Kwakernaak joined in February 2024 and takes on the commercial role after serving as Chief Operating Officer. He will lead commercial strategy across Australia and New Zealand, including strategic partnerships, banking and card scheme relationships, and the group's acquiring, account-to-account and open banking operations.

The appointments reshape Fat Zebra's senior leadership as it prepares for regulatory change and integrates a string of acquisitions. The move places greater emphasis on risk and governance while shifting commercial responsibilities to a dedicated executive.

Regulatory focus

Hakkinen's appointment is tied to the expected introduction of a Payments Service Provider licensing regime. Her remit centres on operational controls and continuity at a time when payments groups face closer scrutiny of governance arrangements.

Fat Zebra describes itself as Australia's largest domestic payments processor and says it handles more than 500 million transactions a year for customers including MYOB, Zip and RACQ.

That transaction volume gives the appointments broader significance in the local payments market, where domestic operators are competing with larger international groups while adjusting to changing rules. Fat Zebra has also been expanding into adjacent payment services.

Since 2024, the company has made three acquisitions: Adatree, Pin Payments and SecurePay. Those deals expanded its presence in account-to-account payments, open banking and merchant services.

Internal promotions

Both appointments were made from within the company. Hakkinen's promotion brings her into the top leadership group, while Kwakernaak's move shifts him from operations to a role focused on partnerships and revenue growth.

Hakkinen outlined her priorities in the new role.

"Getting operational risk and customer operations right allows the rest of the business to move fast. With PSP licensing on the horizon, it's imperative for fintech companies to treat governance as core infrastructure. That's the standard we're operating to at Fat Zebra, and I'm looking forward to leading the team on a successful transition," said Leena Hakkinen, Chief Operating Officer at Fat Zebra.

Kwakernaak set out the areas he plans to prioritise in the commercial position.

"My focus is on the relationships that compound over time. That's our banking and card scheme partners, and the Account-to-Account and Open Banking businesses where we can give merchants real, competitive alternatives to global players in the space. Fat Zebra has the platform and the local footprint. I'm looking forward to turning that into deeper partnerships and long-term value," said Kwakernaak.

Growth phase

Founded in 2012 and based in Sydney, Fat Zebra operates across Australia and New Zealand. It serves merchants, software providers and platforms, reflecting the growing overlap between payments processing and software distribution in the region.

The leadership changes follow a period of expansion driven by dealmaking. Integrating acquired businesses while managing regulatory expectations can put pressure on operational systems, customer support and governance structures, all of which now sit within Hakkinen's portfolio.

For Kwakernaak, the task is likely to centre on deepening ties with financial institutions and card networks while building newer payment lines such as account-to-account and open banking. Those segments are becoming increasingly important as merchants seek lower-cost and more flexible ways to accept payments.

Pred Dragila, Founder and Chief Executive Officer of Fat Zebra, said the appointments marked a new stage for the company.

"These promotions reflect the next stage of Fat Zebra's journey. Leena's move deepens the discipline in our risk and governance function, which is more important than ever as the industry heads towards PSP licensing and we position for that transition. Kees moving into the commercial seat lets him focus on the strategic relationships and partnerships that will drive our next phase of growth," said Dragila.