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Who Is Raymond Racaza?

Once a leading tech guru.
IMAGE Courtesy of Xeleb Games
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Once again making headlines, businessman Raymond Racaza is now engaged to celebrity stylist Liz Uy. Racaza and Uy met through a mutual friend at a business meeting linked to one of his many companies. Racaza was formerly the president, COO, and CEO of listed consumer tech company Xurpas before he stepped down at the start of 2019. The resignation was a surprise as he had only held the position of CEO for six months.

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What is Xurpas?

Co-founded by Racaza, Nix Nolledo and a couple of others in 2001, Xurpas is currently still suspended from trading by the Philippine Stock Exchange until the company complies with regulations regarding its supposed backdoor listing of venture capital firm Wavemaker US. The PSE has determined that the P170.7 million acquisition of the company qualifies as a backdoor listing, and Wavemaker US has also purchased 1.7 billion shares for 48 percent of the publicly listed company.

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Xurpas began as a hopeful Filipino tech startup and went on to launch a successful initial public offering, making its founders instant millionaires. Racaza was recognized as the 2016 Executive of the Year during the International Business Awards.

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Its shares were worth P3.4 during its launch in 2014, but are now worth barely P0.5 each. It was a rising star that slowly and steadily faded out as the corporation experienced significant losses year on year. In the first of 2020, Xurpas lost P48.57 million, not bad compared to its loss of P115.38 million in the same period in 2019. However, overall, Xurpas reported P2.64 billion in losses in 2019, and P811.64 million in 2018, racking up P3.5 billion in net loss in only 2.5 years.

As a co-founder of Xurpas, Racaza is also one of the biggest shareholders of the company, owning 20.06 percent of outstanding shares which amount to 375 million shares, as per the company’s public ownership report. At the company’s current share price, before trading was suspended, Racaza holds P206.7 million worth of stocks.

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What is Xeleb?

It was during his time at Xurpas that Racaza also served as chairman and CEO of Xeleb Technologies, a celebrity gaming platform that peaked in 2015 and 2016 but have since lost momentum. There were even plans to launch an IPO, but that was shelved.

Xeleb was dissolved in 2019 after it failed to make significant contributions to Xurpas. It was reportedly owned by Xurpas and its other shareholders included popular celebrities like Kim Atienza, Erwan Heusaff, Anne Curtis, and Isabelle Daza.

Now at Xonio?

After resigning from Xurpas and the closure of Xeleb, Racaza is working at Xonio, according to his LinkedIn. Xonio Pte. Ltd. is a blockchain tech startup based in Singapore where he is currently the CEO as well as the founder.

Subject of Celebrity Drama

Racaza is the fiancé of celebrity stylist Liz Uy, with whom he shares a son born in 2017. Uy recently announced the couple’s engagement on Instagram. Prior to his relationship with Uy, Racaza was married to Dr. Geraldine “Ging” Zamora, one of the leading rheumatologists in the country. Zamora herself became engaged to a fellow doctor, a cardiologist, in August, 2020.

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READ MORE

Despite Huge Losses, Xurpas Board Okays Acquisition of US Venture Capital Firm

Raymond Racaza Steps Down as Xurpas CEO After Just Six Months

Racaza and Zamora’s marriage was annulled in 2018.

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About The Author
Anri Ichimura
Staff Writer, Esquire Philippines
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