PayMongo founders (from left to proper): Jaime Hing III, Chief Expertise Officer, Francis Plaza, Chief Govt Officer and Luis Sia, Chief Industrial Officer
Philippines-based fintech PayMongo, which allows retailers to just accept digital funds, introduced as we speak it has raised $31 million in Sequence B funding with an eye fixed on regional growth. Buyers embrace Justin Mateen’s JAM Fund, ICCP-SBI Enterprise Companions and Lisa Gokongwei’s Kaya Founders, together with returning traders International Founders Capital and SOMA Capital. The startup says the spherical additionally included founders from European fintechs like Qonta, Viva Pockets, Billie and Scalable.
This brings PayMongo’s whole funding to simply below $46 million. Its final funding was a $12 million Sequence A introduced in 2020 and led by Stripe.
The corporate works with companies of all sizes, however targets micro-, small- and medium-sized companies particularly, enabling them to just accept completely different types of funds, together with bank cards, on-line wallets and over-the-counter. Its merchandise embrace PayMongo API and e-commerce plugins. The brand new funding will likely be used to additional develop PayMongo’s present funds infrastructure and add extra monetary companies, together with disbursements, capital lending, BNPL, and subscriptions and recurring funds.
A part of PayMongo’s product roadmap contains buying new licenses that may enable it to function extra monetary companies. On the similar time, the corporate can also be exploring regional growth.
“There may be a lot extra work to do within the Philippines. We additionally forecast greater than doubling our crew dimension to assist this rising demand and ship on our aggressive product roadmap. In parallel, now we have began some preliminary exploration and leg work to broaden within the SE Asia area, a piece now we have kicked off final 12 months,” co-founder and CEO Francis Plaza instructed TechCrunch in an electronic mail.
Different digital fee gateways within the Philippines embrace DragonPay, PesoPay, PayMaya and Paynamics. Plaza instructed TechCrunch in an electronic mail that the corporate differentiates itself by its give attention to SMBs and high-growth startups and firms because it was based in 2019.
“Past that, as we work with 1000’s of companies on the platform, we’re geared in direction of constructing extra services and products that not solely allows retailers to simply settle for funds but additionally to develop by entry to different monetary companies,” he mentioned. “From the power to maneuver cash, retailer balances, entry to credit score and different expanded fee choices for patrons.” Plaza added that it’s already testing out a number of new services and products in beta with retailers.
In an announcement, Justin Mateen, the founding father of Tinder and JAM Fund, mentioned “As one in every of PayMongo’s first traders, I’ve seen their path from simplifying funds for a handful of companies to now being an organization that 1000’s of retailers rely on for his or her day-to-day operations. I’m excited by their progress and thrilled to assist the crew as soon as once more as they generate higher financial alternatives by the digital economic system.”
