The Art of Adaptation: Lessons from Paymongo’s Journey Through a Competitive Fintech Landscape
Echelon Philippines 2024 united startup leaders, visionary entrepreneurs, and forward-thinking investors from the Philippines and Southeast Asia to support the region’s fastest-growing tech market and drive meaningful economic progress.
As part of the tech conference’s fireside chat titled ‘The Art of Adaptation: Lessons from Paymongo’s Journey Through a Competitive Fintech Landscape’, Jojo Malolos, Chief Executive Officer of PayMongo, discussed the company’s transformation from a payment aggregator to a comprehensive financial services provider. The session was moderated by Arthur Adrian Lopez, Co-Founder of Brainsparks and COO and Co-Founder of NextPay.
Key discussion points included:
- Strategic adaptation: Insights into how Paymongo has navigated evolving market conditions and competitive pressures in the fintech sector, including business model pivots and product refinement.
- Customer-centric innovation: An exploration of the innovative solutions implemented by Paymongo to address customer needs and enhance user experience, highlighting the role of customer feedback in driving success.
- Growth strategies: Examination of the strategies employed by Paymongo to scale operations, tackle regulatory challenges, forge partnerships, and leverage technology for a competitive edge.
Since joining in February 2023, Malolos inherited a flat-growth company with 245 employees and US$31 million in Series B funding. He streamlined the workforce to 140, prioritising higher-margin products such as electronic money and lending. Under his leadership, PayMongo’s profits tripled, extending its runway to 24 months.
Key strategies involved adapting products based on market feedback and making decisive operational changes. Despite initial hurdles, including union issues and low staff morale, Jojo underscored the significance of strategic direction and execution for achieving success.
To gain a complete understanding of Paymongo’s journey and insights shared during the chat, watch the video above.
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The post Echelon Philippines 2024: PayMongo’s Jojo Malolos on adaptation and growth in fintech appeared first on e27.