PayMongo, a Philippines-based fintech that allows businesses to accept digital payments, revealed today that it has raised $31 million in Series B funding with plans to expand across the region. JAM Fund, ICCP-SBI Venture Partners, and Lisa Gokongwei’s Kaya Founders are among the investors, as are returning investors Global Founders Capital and SOMA Capital. The financing also featured founders from European fintechs like Qonto, Viva Wallet, Billie, and Scalable, according to the business. PayMongo’s total funding now stands at just around $46 million. Its most recent round of funding, a $12 million Series A led by Stripe, was disclosed in 2020.
The company works with companies of all kinds, but focuses on micro, small, and medium-sized enterprises in particular, allowing them to take a variety of payment methods such as credit cards, online wallets, and over-the-counter transactions. PayMongo API and e-commerce plugins are among the company’s offerings. The fresh funds will be utilized to expand PayMongo’s current payment infrastructure and provide new financial services such as disbursements, capital loans, BNPL, subscriptions, and recurring payments. PayMongo’s product plan involves the acquisition of new licenses that will allow the company to offer more financial services. Simultaneously, the company is looking towards regional expansion.
“In the Philippines, there is still so much work to be done. To meet this growing demand and deliver on our aggressive product roadmap, we plan to more than double our team size. In the meantime, we’ve begun preliminary exploration and legwork to expand in the Southeast Asia region, which we started last year,” said co-founder and CEO Francis Plaza in an email to TechCrunch. DragonPay, PesoPay, PayMaya, and Paynamics are some of the other digital payment gateways in the Philippines. Plaza told TechCrunch in an email that since it is founding in 2019, the firm has differentiated itself by focusing on SMBs and high-growth startups and companies.
“Beyond that, as we engage with hundreds of businesses on the platform, we’re focused on developing more products and services that allow merchants to not just take payments but also grow by gaining access to other financial services,” he said. “From the ability to move money, store balances, and access to credit, customers will have more payment options.” Plaza also stated that it is currently beta testing a number of new goods and services with retailers.
“As one of PayMongo’s first investors, I’ve seen their path from simplifying payments for a handful of businesses to now becoming a company that thousands of merchants rely on for their day-to-day operations,” Justin Mateen, the creator of Tinder and JAM Fund, said in a statement. I’m encouraged by their development and delighted to be able to lend my support to the team once more as they work to expand economic prospects in the digital economy.”
