PayMongo Co-Founders
Philippine fintech and online payments company PayMongo has secured US$31 million in a Series B round of financing from investors, including JAM Fund (founded by Tinder founder Justin Mateen) and local VCs ICCP-SBI Venture Partners and Kaya Founders.
Existing investors Global Founders Capital and SOMA Capital also co-invested in the round, alongside angels including founders of European fintech unicorns and startups Qonto, Viva Wallet, Billie and Scalable.
PayMongo will scale its operations with this capital by strengthening the current payments infrastructure and venturing into more financial services, such as disbursements, capital lending, ‘buy now pay later’, subscriptions, and recurring payments.
Using the Philippines as a springboard, the fintech startup also looks to explore opportunities in the digital transformation of financial services in other emerging markets, noted in the official statement.
“While payment acceptance is crucial, it is just one of the many services that entrepreneurs need to build a successful online business,” PayMongo Founder and CEO Francis Plaza. “Our goal is to create a one-stop-shop for all these financial needs in the broader Southeast Asian region, starting with the Philippines.”
Also read: 2022: Making the year of the tiger a roaring success for payments
The round comes a year and a half after PayMongo raised US$12 million Series A led by Stripe in 2020. The firm earlier raised US$2.7 million seed round from investors, including Y Combinator.
Founded in 2019 by Plaza, Luis Sia (CPO), Jaime Hing (CTO) and Edwin Lacierda (COO), PayMongo empowers online businesses to accept the full range of payment options, including credit cards, e-wallets, and over-the-counter payments. It provides an easy-to-integrate PayMongo API and e-commerce plugins.
In addition, PayMongo Links and Pages products enable businesses to provide a simple digital checkout for their customers, even without a website.
Though the startup caters to businesses of all sizes, it emphasizes underserved small (and micro) and medium-sized enterprises (SMEs) (account for 99 per cent of businesses in the Philippines).
Since closing Series A, PayMongo claims to have achieved 3x growth in merchant base and a 4x growth in monthly transaction volumes.
According to a report by Google, Temasek, and Bain & Company, the Philippine digital economy is slated to grow to US$40 billion by 2025, having registered the fastest growth rate in Southeast Asia throughout the pandemic. The growth has been fueled by the wide adoption of digital products and services driven by the e-commerce boom in the country.
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Image Credit: PayMongo
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