PayMongo Releases Statement in Response to Complaint Filed Against CEO 

Philippine fintech startup PayMongo has released a statement in response to the explosive report published by Asian startup publication TechinAsia titled “Fallout at PayMongo: alleged harassment by CEO, founder departures, growth woes.” 

The investigative report unearthed a formal complaint filed by a former PayMongo employee against PayMongo’s co-founder, CEO, and board member Francis Plaza. The anonymous former employee is accusing Plaza of harassment. PayMongo’s board, headed by another co-founder, Luis Sia, is investigating the harassment complaint. 

"The company has taken active steps to address the complaint filed by a former employee against Francis Plaza, our co-founder and CEO. Our Committee on Decorum and Investigation has begun its inquiry into the matter, and will ensure that it will be credible, independent, and fair to all concerned,” PayMongo said in the statement. 

TechinAsia’s report also brought up Plaza’s supposedly extravagant spending at a time when the company is allegedly not meeting targets. The article mentioned the CEO’s expensive trips abroad and luxury purchases, such as luxury cars and watches. Meanwhile, PayMongo reportedly fell short of meeting total payments volume and revenue projections in March 2022. 

Despite the internal issues plaguing the company, which have now become public, PayMongo says it has still managed to increase its merchant base and monthly transaction volume. 

“PayMongo is an organization committed to helping SMEs and startups grow by providing them a quick and easy way to accept payments. Even at this challenging time, we remain focused on helping our merchants and customers. We are hopeful that the Company will emerge stronger from this and will remain steadfast in continuing to make great products for our customers,” added PayMongo.