Jamie Miller, the company’s chief financial and operating officer, will fill in as interim CEO until Lores takes over.

The appointment comes on a tough day for the company as it reported fourth-quarter revenue and profits below Wall Street expectations, and consumers cut back on spending. 

PayPal also warned that full-year profits would fall, surprising investors who had expected growth. Shares tumbled nearly 18% in pre-market trading.

Lores has served as chair of PayPal’s board since July 2024. He brings more than 30 years of experience leading technology companies and guiding large-scale transformations. 

At HP, he expanded the business beyond PCs and printers into services, subscriptions and AI-enabled workplace solutions, and oversaw the separation of HP and HPE to simplify costs and drive innovation.

In a statement, Lores said:

“The payments industry is changing faster than ever, driven by new technologies, evolving regulations, an increasingly competitive landscape, and the rapid acceleration of AI that is reshaping commerce daily. 

“PayPal sits at the centre of this change, and I look forward to leading the team to accelerate the delivery of new innovations and to shape the future of digital payments and commerce.”

David W. Dorman, PayPal’s new Independent board chair, said Enrique is widely recognised as a visionary leader who prioritises customer-centric innovation with demonstrable impact. 

He added that

“His strong track record leading complex transformations and disciplined execution on a global basis will ensure PayPal maintains its leadership of the dynamic payments industry now and into the future.”

Alex Chriss, who joined PayPal in September 2023 from Intuit, spoke on his tenure:

“I am proud to have had the opportunity to lead such a great company and work with such a talented team. 

“Now is the right time to make a transition to a seasoned leader who can take the company through its next phase of transformation. I have enjoyed a great working relationship with Enrique, and I am certain he is the right person to meet that challenge.”

PayPal’s board said the company’s sustainability relies on its global scale, strong consumer and merchant networks, and operational discipline. 

Analysts note that Enrique Lores faces the challenge of restoring growth and improving execution, while maintaining the position of PayPal in the fiercely competitive payments market.

The post PayPal Appoints Enrique Lores, Former HP CEO, After Q4 Profit Miss appeared first on Tech | Business | Economy.

The fintech firm said the figure captured administrative and infrastructure expenses incurred while establishing its UK base in 2024. A look into the financial filings shows that Moniepoint also made a $2.5 million equity deposit for the acquisition of Bancom Europe Ltd, a UK-licensed electronic money institution under the Financial Conduct Authority (FCA).

Moniepoint GB, incorporated in February 2024, did not generate any revenue for the year. However, the company said this was expected for a new entrant still building its foundation in a tightly regulated market.

“What has been reported as £1.2 million loss actually reflects set-up costs, not operational shortfall,” the company stated.

Moniepoint explained that the so-called UK loss is part of a deliberate early-stage investment phase, one that included heavy spending on technology infrastructure, compliance systems, and staffing to meet the stringent standards of the UK’s financial environment.

According to the company, these investments were necessary to ensure operational readiness and compliance before the full commercial rollout. “Moniepoint GB’s financial results for the period February to December 2024 reflect the expected early-stage investment phase common across financial services firms entering new regulated markets,” the company said. 

“The company’s focus is on serving the UK’s African diaspora and bringing financial happiness to a new market—an ambition that naturally requires upfront investment in compliance, infrastructure, and people.”

The acquisition of Bancom in July 2025 was a big part of this strategy. By acquiring an already-authorised electronic money institution, Moniepoint GB gained an immediate regulatory foothold, avoiding the lengthy and often complex process of securing its own FCA licence from scratch.

“This acquisition provides Moniepoint GB with an established, regulated entity through which we can operate, accelerating our ability to serve customers in the UK-Nigeria remittance corridor,” the company said. 

“By acquiring an already-authorised firm, we secure a solid regulatory foundation, which is paramount for providing reliable and compliant financial services.”

Following the acquisition, Moniepoint launched MonieWorld in April 2025, its first UK-facing product that enables residents to send money directly to Nigerian bank accounts using British bank cards, Apple Pay, or Google Pay. The product reportedly recorded a 70% increase in transaction volume within months of launch, revealing early traction among the diaspora.

Moniepoint has since embarked on an aggressive marketing drive across UK trains and diaspora events to deepen brand visibility. The company said additional products are in the pipeline as it strengthens its presence among Africans living in the UK.

The UK currently hosts over 290,000 Nigerians, making it one of the busiest remittance corridors to Nigeria. In 2021 alone, Nigeria received £2.76 billion ($3.69 billion) in remittances from the UK, a figure that shows the scale of opportunity Moniepoint seeks to capture.

Backed by a $110 million investment secured in late 2024 from investors including Google and Visa, Moniepoint’s valuation rose to $1 billion. The funding, according to analysts, gives its UK expansion the financial muscle and runway needed to compete in one of the world’s most regulated fintech markets.

The post Moniepoint Clarifies £1.2m UK Loss, Calls It Early Investment, Not Operational Failure appeared first on Tech | Business | Economy.