Former CEO of Dolla Financial Services, Kadeen Mairs, is refuting claims that he demanded a 200% raise from the company he founded.

Speaking on Taking Stock with Kalilah Reynolds, Mairs sought to clear the air, saying that his departure from Dolla was not over an internal dispute.

“ If it was an internal matter I’m sure that my directors or shareholders would have ensured that I didn’t leave because nobody wants it to affect the perception or the viewed stability of the company or even the stock price,” he said.

Dolla which began operations in 2014 has seen a meteoric rise in the past two years. The company’s Junior Market IPO was the largest in the history of the Jamaica Stock Exchange. It was 10 times oversubscribed receiving $5 billion in subscriptions on a $500 million offer.

Since then the company’s loan book has more than doubled, and according to their latest six-month results, profits have almost doubled to $227 million.

The company also opened a new location in Portmore, launched a subsidiary called Ultra Financier and are seeking approval to enter the Barbados and St Lucia market. 

In July, the company also announced that Supreme Ventures had taken a 15% stake in the company. 

The move is expected to accelerate Dolla’s growth given SVL’s reach and network. 

Given Dolla’s success, and the fact that Mairs was spearheading the ship, his abrupt departure and a press release which stated that he was on “garden leave” led many investors to speculate that he had been forced out of the company.

This was followed by what Mairs agreed was an erroneous press statement, which said he requested a 200% pay rise. However, he flatly denied that claim.

“This is what happens when you’re out there in the public, there’s always people who will you know try to put a spin on a story,” he said.

“ But I’m sure if that was the case my Directors would have given me a raise,” he added.

However, the businessman said that he shifting his focus to helping other entrepreneurs achieve success through his private equity company, Dequity Capital Management. 

Read more on Dequity here

Mairs said he is still invested in the success of Dolla and will remain a Director of the company, helping to guide its operations. 

Dequity Capital is still a majority shareholder in the company and Mairs said he will retain his substantial shareholding in the company.