Photo credit: Sand Studio
Justin Choi has stepped down as CEO of Spenmo for “personal reasons,” according to a press release from the fintech company.
This comes just a month after Choi replaced co-founder Mohandass Kalaichelvan as chief executive after Spenmo’s Indonesian subsidiary was hit with rumors regarding the embezzlement of US$895,000, which was initially intended for two acquisitions.
The company’s former chief product officer Andika Prasetya has since denied the allegations.
Jo-ann Chung, who joined Spenmo in January as CPO, will now serve as acting CEO. She has over 20 years of experience in the fintech industry at companies such as MYOB, Oracle, and National Australia Bank.
Choi previously occupied leadership positions at firms such as Gojek, Coinbase, and CVC Capital Partners. He has also worked for Microsoft and Seaport Capital.
Spenmo, a spending management platform, was founded by Kalaichelvan and Isaq Ahmed in 2019. The firm raised US$85.5 million in its February 2022 series B round led by Tiger Global Management.
Other investors in the company include Insight Partners, Global Founders Capital, Lee Fixel’s Addition, Y Combinator, Salesforce Ventures, and Alpha JWC Ventures.
See also: The key players in Singapore’s thriving fintech space (update)
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