International Finance

Philippines-based fintech PayMongo secures $12 mn in Series A funding

PayMongo funding_IFM_Image
The funding round was led by Stripe

Philippines-based fintech startup PayMongo has raised around $12 million in its Series A funding round, the media reported.

The funding round for PayMango was led by US-based financial services company Stripe. Existing investors such as Y Combinator and Global Founders Capital, besides new investor Bedrock Capital, also participated in the round.

In this context, Noah Pepper, Stripe’s APAC Business Lead told the media, “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.”

The Manila-based startup offers online payments API for businesses in the Philippines, which can be integrated into websites and apps, allowing them to accept payments from different bank cards and digital wallets.

According to co-founder and chief executive Francis Plaza, PayMongo has processed a total of almost $20 million in payments since its inception, and grown at an average of 60 percent since the start of the year. The company was established in 2019 and raised $2.7 million in seed funding.

Earlier this month, Jack Ma’s Alibaba Cloud joined the alliance of fintech companies in the Philippines to contribute to the growth of its fintech industry, media reports said.

Fintech chairman Lito Villanueva told the media, “Their membership came an opportune time as we enjoin all stakeholders to do its share in helping cushion the impact of the pandemic, while preparing for the new world order co-existing with Covid-19.”

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