PayMongo CEO goes on ‘voluntary leave’

PayMongo has appointed Isabel Ridad, its current chief operating officer, as acting CEO. This comes after Francis Plaza, the fintech firm’s co-founder and chief executive, went on a voluntary leave of absence.

The development, which was announced at an employee town hall meeting yesterday, comes amid an ongoing board investigation into a harassment complaint against Plaza that was filed by an ex-PayMongo employee.

“Our Committee on Decorum and Investigation is in the middle of its inquiry into the matter, and ensures that it will be credible, independent, and fair to all concerned,” the company told Tech in Asia in an emailed statement.

Plaza’s leave of absence will be in effect for the duration of the investigation.

Ridad, who was PayMongo’s chief of staff before she took on the COO role in February this year, has held corporate and investment banking roles at Standard Chartered Bank and Mitsubishi UFJ Financial Group. She joined PayMongo in March 2021.

In addition to C-suite departures and the ousting of two co-founders, Tech in Asia reported last week that the firm missed targets for total payment volume between October 2021 and March 2022.

Revenues during that period had also failed to meet forecasted figures for all months except one, based on an internal presentation obtained by Tech in Asia.

In response, PayMongo reiterated its “strong business position” to employees. According to the firm, the number of sign-ups reached an all-time high in July – 3x its average for the first quarter of 2022. The company also doubled monthly active users in the past year, and it is on track to doubling its year-on-year revenue in August.

“We are optimistic that we will meet our growth targets because of these factors, together with the continuous release of relevant products and merchant programs,” the company said.

See also: Fallout at PayMongo: alleged harassment by CEO, founder departures, growth woes