Australian BNPL Afterpay loses its Chief Technology Officer to NAB’s UBank

345
National Australian Bank (NAB) | iTMunch

Australian BNPL Afterpay lost its Chief Technology Officer (CTO) of 3 years, Jon Donoghue, to National Australia Bank. Donoghue has been appointed as the Chief Information Officer for NAB’s UBank and will sit within the bank’s Technology and Enterprise Operations division. He will be reporting to Patrick Wright, NAB’s Technology and Enterprise Operation’s group executive.

About Jon Donoghue

Mr Donoghue joined Afterpay in 2017 right after its half-billion-dollar merger with Touchcorp. Before Afterpay, he has dedicated more than 20 years at UBS in various roles before moving to Sydney where he eventually looked after the Asia Pacific technology markets. In addition, he was also the CIO for the A/NZ region.

Donoghue said in a statement that he is excited to join NAB as it continues its tech transformation to provide simple, secure and personalized banking solutions for its customers. Patrick Wright said Jon joining their team is a step forward towards their transformation company to create faster and simpler banking solutions in addition to delivering better experiences for their UBank customers.

Recently, the buy now, pay later darling Afterpay raised capital of $800 million via an institutional placement. The company’s founders, Nicholas Molnar and Anthony Eisen, simultaneously sold 10% of their shares. Because of this bold step taken, the founders have been accused by the Australian Financial Review (AFR) of ‘running for the exit’.

SEE ALSO: BNPL Afterpay raises $1.05 billion; founders offer $250 million of their stake

BNPL Afterpay founders ‘run for the exit’?

BNPL Afterpay Logo | iTMunch

Earlier in June 2020, BNPL Afterpay founders Eisen and Molnar sold 10% of their shares, which are equivalent to almost $250 million, at the same time they raised fresh capital from the market. The AFR has gone ahead and accused the fintech company of dumping stocks and have pointed out a ‘pattern’ in their behaviour of selling their stocks after a huge surge in their share prices.

Afterpay’s share price peaked at $41.14 in February 2020. By 23rd March, amidst the panic of the pandemic, the prices had taken a dip by 81% to just $8.01. Just ahead of the capital raising, the company’s shares prices closed at $68. In 5 months, Eisen and Molnar have each seen their personal wealth in Afterpay go from $840 million in Feb to just $164 million in March. Now the valuation is almost $1.4 billion.

SEE ALSO: Australian FinTech Afterpay appoints Elana Rubin as its chairman

For more updates and latest tech news, keep reading iTMunch

Subscribe to our Newsletter!

Previous articleRobycs Technology & KUKA to offer free programming services with robot orders
Next articleQlicksmart launches sharps injury prevention platform for frontline healthcare workers
Riddhi Jain is a technology content writer. She is based in India and has been working as a content writer since 2018. Riddhi has been writing content in the tech domain since May 2020 and can’t get enough of it. Riddhi has pursued most of her education from her hometown, Indore. She has graduated as a Bachelor of Business Administration and discovered her love for writing blogs while pursuing an internship during college. Once she discovered her love for writing, she went on to improve this skill set (and hasn’t stopped since).
Read More