Jojo Malolos
Y Combinator-backed Philippine fintech startup PayMongo has appointed Jojo Malolos as President and CEO, effective February 1, 2023.
Malolos replaces interim CEO Isabel Ridad, who is leaving the company to pursue her own venture. Ridad will remain with PayMongo until February-end and continue to serve on the Board of Directors.
As CEO, Malolos will be responsible for reshaping PayMongo’s plans for its next growth phase. The fintech company said in a statement that it is entering a scale-up period amidst a challenging market environment. Malolos will lead the efforts to ensure success by implementing a broad range of transformation initiatives.
He will also lead the introduction of PayMongo’s next generation of products and services. In addition, with its newly issued EMI license, he will continue to focus the organisation on driving significant impact in the digital financial services sector.
Also Read: Francis Plaza steps down as PayMongo CEO
Malolos brings significant experience in M&A and organisational transformation and a track record in the fintech, VC, digital banking and innovation ecosystems.
He previously served as President and CEO of DAVI and JG DEV, the data analytics and venture arm of the Gokongwei Group, respectively. Malolos is also co-founder and Chairman of GoTyme Bank, one of the digital banks licensed by the country’s central bank BSP.
He was previously CEO of Wing Bank, a leading digital financial services provider in Cambodia and Smart Money (now known as PayMaya/Maya).
Founded in 2019 by Francis Plaza, Luis Sia, Jaime Hing, and Edwin Lacierda, PayMongo empowers online businesses to accept the full range of payment options, including credit cards, e-wallets, and over-the-counter payments.
Also Read: PayMongo’s ex-CFO denies stealing money, apologises for remarks against female colleagues
In February last year, PayMongo secured US$31 million in a Series B round of financing from investors, including JAM Fund (founded by Tinder founder Justin Mateen) and local VCs ICCP-SBI Venture Partners, and Kaya Founders. Previously, it bagged US$12 million Series A led by Stripe in 2020 and US$2.7 million seed round from investors, including Y Combinator, in 2019.
PayMongo has been under public scrutiny for the past several months after a news report emerged of many scandals in the company, including the fallout among top leaders, the firing of two co-founders, allegations of questionable spending by co-founders and employee harassment.
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