Philippines fee gateway PayMongo will get $31M Collection B, will discover regional enlargement – TechCrunch



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 simply accept digital funds, introduced as we speak it has raised $31 million in Collection B funding with an eye fixed on regional enlargement. Buyers embrace Justin Mateen’s JAM Fund, ICCP-SBI Enterprise Companions and Lisa Gokongwei’s Kaya Founders, together with returning traders World Founders Capital and SOMA Capital. The startup says the spherical additionally included founders from European fintechs like Qonto, Viva Pockets, Billie and Scalable.

This brings PayMongo’s whole funding to simply below $46 million. Its final funding was a $12 million Collection A introduced in 2020 and led by Stripe.

The corporate works with companies of all sizes, however targets micro-, small- and medium-sized companies specifically, enabling them to simply accept totally 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 shall 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 enable it to function extra monetary providers. On the identical time, the corporate can also be exploring regional enlargement.

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

Different digital fee gateways within the Philippines embrace DragonPay, PesoPay, PayMaya and Paynamics. Plaza advised TechCrunch in an electronic mail that the corporate differentiates itself by its give attention to SMBs and high-growth startups and corporations 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 that not solely allows retailers to simply settle for funds but in addition to develop by means of entry to different monetary providers,” he stated. “From the power to maneuver cash, retailer balances, entry to credit score and different expanded fee choices for purchasers.” 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 one among 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 depend upon for his or her day-to-day operations. I’m excited by their progress and thrilled to help the workforce as soon as once more as they generate higher financial alternatives by means of the digital financial system.”