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PayMongo, a Filipino-owned online payment platform, recently raised $ 12 million in a Series A funding round led by Stripe with participation from the company’s other existing investors: Y Combinator, Global Founders Capital and a new investor, Bedrock Capital.
The new investment brings PayMongo’s total funding to nearly $ 15 million, just over a year since the company launched in June 2019 with an initial round of $ 2.7 million, one of the largest among tech startups. Philippines financial.
“The Series A funding is based on an exceptional first year for PayMongo. We are delighted to have incredible investors to support our mission to build the digital economic infrastructure in the Philippines, ”said Francis Plaza, CEO and co-founder of PayMongo.
The new capital enables PayMongo to further accelerate the launch of new features and products on its aggressive roadmap and to develop its product, design and engineering teams.
“We are committed to creating the best payment experience for Philippine businesses,” Plaza said.
Philippine digital transactions rose 42 percent in value between January and April 2020, and would likely meet the targets set by the country’s central bank, growth fueled by the necessary shift online amid strict community quarantine measures.
PayMongo’s transaction volume has skyrocketed 15 times since the start of the year. In April, a month after the government imposed a nationwide lockdown, thousands of Philippine businesses, including small businessmen, restaurants and fast food chains, have signed up for their products and services. PayMongo’s easy-to-use payment platform allowed them to easily transition to digital, continue to operate online, and accept digital payments such as credit and debit cards and e-wallets in a few simple steps.
According to Noah Pepper, Stripe Business Leader at APAC, “We have been impressed by the PayMongo team and the speed at which they have made digital payments more accessible to so many businesses in the Philippines. We fully support your vision of bringing many more Filipino businesses online. Given the disruption caused by COVID-19, a service like theirs is simply vital to the business and economic future of the country. “
PayMongo’s standard and easy-to-integrate PayMongo API accelerates Internet business by reducing integration time to a few lines of code. The company’s PayMongo Links product and e-commerce plug-ins power businesses without the need for development time. The company’s payment platform offers stress-free onboarding, a consistent payment experience, and worry-free fraud detection systems.
“PayMongo enables businesses to meet growing demand online with intuitive and easy-to-use products,” said Spencer Peterson, director of New York-based Bedrock Capital.
“We are impressed by the pace at which this team is executing and excited to support their vision for the future of digital payments and commerce.”
PayMongo is the first Filipino-owned fintech startup incubated by Silicon Valley-based Y Combinator, the world’s leading seed accelerator. Y Combinator and other Silicon Valley investors funded the seed round of PayMongo. They include Stripe, a technology company that builds inexpensive infrastructure for the Internet; Founders Fund, the San Francisco-based venture capitalist that supports the innovative technologies of many startups around the world; Peter Thiel of Founders Fund, who is also a co-founder of PayPal and the first investor in Facebook; and with the participation of Global Founders Capital and several other angel investors.
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