PayMongo bags US$ 12M in Series A funding
PayMongo bags US$ 12M in Series A funding

Manila, Philippines-based online payment platform PayMongo has bagged US$ 12M in a Series A funding round held in September 2020, led by American financial services and SaaS company, Stripe. The funding round also included participation from previous investors Y Combinator, Global Founders Capital and new investor Bedrock Capital.

The latest round brings the startup’s funding to a total of almost US$ 15M raised to date.

Proceeds from the funding round will be used to quicken the introduction of new features and products by PayMongo as a part of its long-term plan and hire new people in its product, design and engineering teams.

PayMongo payment gateway and API

Francis Plaza, Luis Sia, Jaime Hing and Edwin Lacierda founded the startup in 2019. PayMongo enables merchants to receive payments effortlessly. The startup also offers an API platform that permits enterprises to add payments to their websites, services, or apps.

The startup provides PayMongo Links for social commerce sellers and other people who sell stuff via messaging apps. Buyers can click on these links to pay. Its platform also includes features similar to a fraud and risk detection system.

One can directly integrate PayMongo’s API to enable credit card payments for their website. Since the year 2020 started, PayMongo claims its transaction volume has multiplied by 15x times. Thousands of Filipino businesses, counting small entrepreneurs, restaurants and fast-food chains, had partnered with PayMango for its products and services by April, a month after the government levied a nationwide lockdown owing to COVID-19.

PayMongo
PayMongo

Noah Pepper, Stripe’s APAC Business Lead said that they have been enthralled with the PayMongo team and the rapidity with which they’ve made digital payments more accessible for various enterprises across the Philippines. She was quoted to say, “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 startup had secured US$ 2.7M in a seed funding round held in September 2019, from Founders Fund, Peter Thiel, Stripe, Y Combinator, Global Founders Capital, Soma Capital, Justin Mateen ( co-founder of Tinder) and multiple angel investors.

About Stripe

San Francisco-based Stripe is a technology company that builds economic infrastructures for the internet. The company mainly provides payment processing software and application programming interfaces for e-commerce websites and mobile applications. From new startups to public companies, everyone uses Stripe’s’ software to receive payments and manage their businesses online.

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Aishwarya writes about the startup ecosystem on VCBay. She is a third-year Computer Science engineering student who looks forward to exploring the world of startups and finance.

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