PayMongo co-founders
PayMongo, a fintech startup that helps businesses in the Philippines accept online payments from multiple channels, has received US$12 million in a Series A financing round led by Stripe.
Existing investors Y Combinator and Global Founders Capital, besides new investor Bedrock Capital, also participated — bringing PayMongo’s total funding to almost US$15 million.
This comes exactly a year after it secured a seed investment of US$2.7 million from Founders Fund, Peter Thiel and Stripe.
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The fresh capital will be used to further accelerate the rollout of PayMongo’s features and products in its aggressive roadmap and build up its product, design and engineering teams, it said in a press statement.
Founded by Francis Plaza (CEO), Luis Sia (CPO), Jaime Hing (CTO) and Edwin Lacierda (COO), PayMongo offers easy ways for merchants to receive payments online.
Its “easy-to-integrate” API accelerates internet businesses by lowering integration time to a few lines of code, while PayMongo Links product and e- commerce plugins power businesses without the need for development time.
PayMongo claims its transaction volume soared 15x since the year started. By April, a month after the government imposed a nationwide lockdown, thousands of Filipino businesses, including small entrepreneurs, restaurants and fast food chains, have signed up for its products and services.
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Noah Pepper, Stripe’s APAC Business Lead, commented: “We’ve been impressed with the PayMongo team and the speed at which they’ve made digital payments more accessible for so many businesses across the Philippines. We fully support their vision to bring many more Filipino businesses online. Given the disruption caused by COVID-19, a service like theirs is simply vital for the country’s businesses and economic future.”
“PayMongo is enabling businesses to meet rapidly-growing online demand with intuitive, easy-to-use products,” said Spencer Peterson, Principal at New York-based Bedrock Capital.
Philippine digital transactions surged by 42 per cent in value between January and April 2020, and is likely meet the targets set by the country’s central bank — a growth driven by the necessary shift online amid strict community quarantine measures.
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Image Credit: PayMongo
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