Philippines-based Fintech startup PayMongo raises US $31 million in Series B

PayMongo, a Philippines-based fintech that allows businesses to accept digital payments, revealed on 21st Feb that it has received US$ 31 million in Series B funding and intends to grow throughout the region. JAM Fund, ICCP-SBI Venture Partners, Lisa Gokongwei’s Kaya Founders, and returning investors, Global Founders Capital and SOMA Capital, are among the investors. According to the company, the financing included founders from European fintechs such as Qonta, Viva Wallet, Billie, and Scalable.

What the founder has to say:

“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. 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 take payments and grow by gaining access to other financial services. From the ability to move money, store balances, and access to credit, customers will have more payment options.” 

 – Co-founder and CEO Francis Plaz

What the investors have to say:

“As one of PayMongo’s original investors, I’ve observed their path from simplifying payments for a handful of businesses to now becoming a firm that thousands of merchants rely on for their day-to-day operations. 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.” – Justin Mateen, the creator of Tinder and JAM Fund

About PayMongo:

PayMongo 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.

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