PayMongo appoints new CEO

PayMongo appoints new CEO

PayMongo has appointed its COO Isabel Ridad as its acting CEO, following Francis Plaza stepping down from the position.

Plaza recently stepped down as president and CEO to pursue other ventures.  Following this, Plaza will still be an advisor to the boards of PayMongo, PayMongo Philippines and PayMongo Payments.

Ridad joined PayMongo in early 2021 as chief of staff and started serving as the company’s COO in February 2022.

In a statement announcing the appointment, PayMongo said, “With under 15 years of experience under her belt as well as her background, skill, and dedication to face the current market climate, PayMongo believes that she is the best person to lead the company in this period of transition.”

The FinTech company raised $31m for its Series B funding round in February 2022. The capital was supplied by JAM Fund, ICCP-SBI Venture Partners, Kaya Founders, Global Founders Capital and SOMA Capital.

Prior to that, it raised $12m in its Series A round in 2020.

Based in the Philippines, PayMongo offers businesses with the tools to accept payments. It offers APIs that allow clients to integrate payments into projects, as well as a plugin system as part of its e-commerce builder.

Clients can also set up payment links, letting them collect one-time payments through Viber, Messenger, Instagram, SMS or anywhere they talk to customers.

Another Philippines-based FinTech company to recently raise funds was BillEase, which offers buy now, pay later (BNPL) services. The company, which raised $20m in a debt facility from Singapore’s Helicap Securities, is planning to expand the reach of its financial services.

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