New Delhi, Aug 20 (TIWN) Gearing up for the next phase of growth in consumer Internet and financial services, digital payments player Paytm on Monday announced the promotion of its Chief Financial Officer Madhur Deora as the company's President.

Prior to joining Paytm in October 2016, Deora served as Managing Director in Citigroup's investment banking business.

"We have grown over 20x in the last three years by creating a payments-led lifestyle and financial services app in our country," Vijay Shekhar Sharma, Founder and CEO, Paytm, said in a statement.

"As we expand our business, we are promoting Deora to the role of President who has been a key partner in this success," Sharma added.

Paytm recently announced that within a year of the launch of its "Loan EMI, Credit Card Bill, and Insurance premium" payment use-case, it has captured 70 per cent market share among all mobile payment apps for BFSI payments.