BayaniPay, a payments process automation company based in the US and the Philippines, has secured US$3 million in fresh capital led by Wavemaker Partners, PTGB, and Talino Venture Studios.
This brings the fintech firm’s total Series A funding to US$9.6 million, which includes a US$6.6 million previously secured from Talino Venture Studios.
With the fresh investments, BayaniPay will start expanding its services worldwide, with the goal of capping 2024 with US$200 million in payments processed.
Also Read: BayaniPay nets US$4.5M to provide cross-border financial services to Filipinos in US
BayaniPay is a collaboration between Talino Venture Studios, The Asian Journal, East West Bank, and Wavemaker Partners. Its mobile-first service empowers global professionals working abroad to financially support their families and communities back home.
This month, BayaniPay will launch Bayani GlobalPay, an embedded banking service designed to enable businesses and major billing entities to reach their customers efficiently worldwide.
Bayani GlobalPay features two embedded banking solutions: GlobalPay, a white-label service that provides non-financial institutions with a custom payment platform, and GlobalPay Express, an all-in-one payment portal for payment management.
Bayani GlobalPay utilises payment gateways and payment automation technologies to reduce manual processes and provide “seamless” management and tracking of domestic and international payments. The payment methods include debit and credit cards, e-wallet, direct debit, and QRPH, which eliminates the need for a bank account to be able to pay or send money.
According to the Philippine Institute for Development Studies, personal remittances totalling US$37.2 billion accounted for 8.5 per cent of the Philippine GDP in 2023. BayaniPay aims to augment the economic impact of cross-border direct payments by making them frictionless and cost-effective. This helps Filipinos overseas save on fees and add more pesos to every dollar they send.
Also Read: Talino Venture Studios lands US$5M to bridge financial inclusion in emerging markets
“For years, we have been providing cross-border financial services to Filipino American communities in the US. Now is the perfect time for BayaniPay to unlock the infinite potential of international payments and provide accessible and affordable global financial services to Filipinos in every continent,” said BayaniPay CEO Winston Damarillo.
“Any local enterprise that provides products or services to Filipinos, such as property builders, insurance companies, hospitals, retailers, and schools can do business globally because they have a platform to get paid at the lowest possible cost. But more importantly, their customers enjoy the benefits of choosing the most cost-effective and convenient way to pay for such products or services,” said BayaniPay Chief Commercial Officer Dindo Marzan.
In 2022, bagged US$4.5 million in seed funding from East West Bank, Wavemaker Partners, and Talino Venture Labs.
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Image Credit: BayaniPay.
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