Philippines cost gateway PayMongo will get $31M Sequence B, will discover regional growth

Philippines-based fintech PayMongo, which permits retailers to just accept digital funds, introduced at the moment it has raised $31 million in Sequence B funding with a watch on regional growth. Traders embody Justin Mateen’s JAM Fund, ICCP-SBI Enterprise Companions and Lisa Gokongwei’s Kaya Founders, together with returning buyers World 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 beneath $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 embody 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 providers, together with disbursements, capital lending, BNPL, and subscriptions and recurring funds.

A part of PayMongo’s product roadmap consists of buying new licenses that can permit it to function extra monetary providers. On the identical time, the corporate can be exploring regional growth.

“There’s a lot extra work to do within the Philippines. We additionally forecast greater than doubling our group measurement to help this growing demand and ship on our aggressive product roadmap. In parallel, now we have began some preliminary exploration and leg work to develop within the SE Asia area, a piece now we have kicked off final yr,” co-founder and CEO Francis Plaza instructed TechCrunch in an electronic mail.

Different digital cost gateways within the Philippines embody 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 hundreds of companies on the platform, we’re geared in direction of constructing extra services that not solely permits retailers to simply settle for funds but in addition to develop by means of entry to different monetary providers,” he stated. “From the flexibility to maneuver cash, retailer balances, entry to credit score and different expanded cost choices for patrons.” Plaza added that it’s already testing out a number of new services in beta with retailers.

In an announcement, Justin Mateen, the founding father of Tinder and JAM Fund, stated “As considered one of PayMongo’s first buyers, I’ve seen their path from simplifying funds for a handful of companies to now being an organization that hundreds of retailers rely on for his or her day-to-day operations. I’m excited by their progress and thrilled to help the group as soon as once more as they generate better financial alternatives by means of the digital economic system.”