Spenmo names ex-Coinbase, Gojek exec as new CEO amid allegations

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Singapore-based fintech firm Spenmo has appointed Justin Choi as its new CEO, replacing co-founder Mohandass Kalaichelvan, who will now act as an advisor at the company.

Choi will be leading the firm’s executive team, which includes newly appointed chief product officer Jo-ann Chung, who was assigned the post in January this year.

A graduate of Stanford University and Columbia Business School, Choi has occupied leadership positions at firms such as Gojek, Coinbase, and CVC Capital Partners. He has also worked for Microsoft and Seaport Capital.

Tech in Asia has reached out to Spenmo for comment.

Spenmo, a spending management platform, was founded by Kalaichelvan and Isaq Ahmed in 2019. The firm last raised US$85.5 million in its February 2022 series B round led by Tiger Global Management.

Recently, Spenmo’s Indonesian subsidiary was hit with rumors regarding the embezzlement of US$895,000, which was initially intended for two acquisitions. However, the company’s ex-CPO Andika Prasetya has since denied this.

At the time, a representative for Spenmo told Tech in Asia Indonesia that the firm is “committed to upholding our ethical standards by adhering to corporate governance guidelines and existing regulations.”

See also: The key players in Singapore’s thriving fintech space (update)