technology

PayMongo raises $31Mn in Series B round, eyes regional expansion

PayMongo raises $31Mn in Series B round, eyes regional expansion
PayMongo raises $31Mn in Series B round, eyes regional expansion

Philippines-based payments gateway startup PayMongo has reportedly raised $31 million in its Series B funding round, which it will be using to fuel its regional expansion plans.

The fintech firm helps businesses and merchants in accepting various digital forms of payments, such as credit cards, e-wallets, as well as over-the-counter.

Major investors in the round included Tinder’s founder Justin Mateen’s VC firm JAM Fund, Kaya Founders, and ICCP-SBI Venture Partners. The round also saw the participation of previous investors SOMA Capital and Global Founders Capital along with founders of European fintechs Scalable, Billie, Viva Wallet, and Qonto.

The funding will be utilized in further developing PayMongo’s payments infrastructure as well as adding more financial services such as capital lending, disbursements, subscriptions, recurring payments, and BNPL.

The startup’s product roadmap includes the acquisition of new licenses so it will be allowed to operate more financial services, while also exploring regional expansion.

Francis Plaza, CEO and co-founder of PayMongo, stated that the firm has a lot of work to do in its home country and is expecting to more than double the size of its team in order to support the increasing demand while delivering its aggressive product roadmap.

Plaza added that the firm had kicked off its expansion work in the SE Asia region last year and has simultaneously started initial exploration and leg work.

PayMongo’s products and services include PayMongo API and e-commerce plugins and works with businesses of various sizes while focusing on micro, small, and medium-sized businesses.

Plaza remarked that the startup stands out from other payment gateways in the country by focusing on high-growth startups, companies and SMBs since its establishment in 2019.

The firm plans on building more services and products that will help merchants grow via various financial services, like the ability to move money, store balances, and access credit, as well as other expanded payments options for their customers.

Plaza also stated that the firm is testing out several new services and products in beta with its merchants as well.

Source credit: https://techcrunch.com/2022/02/20/philippines-payment-gateway-paymongo-gets-31m-series-b-will-explore-regional-expansion/?guccounter=1

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