PayMongo, a fintech company based in the Philippines has raised a Series B funding round of $31 million. The funding round saw the participation of founders from European fintech including Viva Wallet, Scalable, Billie and Qonto, Justin Mateen’s JAM Fund, ICCP-SBI Venture Partners and Lisa Gokongwei’s Kaya Founders, along with returning investors Global Founders Capital and SOMA Capital.
The fintech says it is now looking at regional expansion thanks to the new funding it acquired. Back in 2020, PayMongo closed its Series A round which was led by Payments giant Stripe. In total, the fintech has raised an approximate amount of $46 million.
PayMongo’s platform allows merchants and businesses to be able to accept digital payments of all kind. The idea is to create a limitless world for merchants and businesses so that they can have smooth operations and receive payments seamlessly. Although the fintech works with businesses of various kinds and sizes, it places increased focus on micro, small and medium-sized businesses. This is because the fintech recognizes that these categories of businesses require more options to be able to accept payments seamlessly and may not have the resources as well as bear the cost of implementing complex payment systems. PayMongo, therefore, leverages this opportunity to provide these businesses with the ability to accept payments without hassles or outrageous costs.
The fintech offers API and e-commerce plugins. PayMongo says a major chunk of the Series B funding will be used in developing its current payment infrastructure and add more financial services such as buy-now-pay-later (BNPL), etc. – the idea is to make the platform better for merchants and businesses.
PayMongo also plans on acquiring new licenses that’ll aid its operations and enable it to be able to offer more financial services. As stated earlier, the fintech will prioritize regional expansion. CEO and co-founder Francis Plaza explained that “There is so much more work to do in the Philippines. We also forecast more than doubling our team size to support this increasing demand and deliver on our aggressive product roadmap. In parallel, we have started some initial exploration and leg work to expand in the SE Asia region, a work we have kicked off last year”.
While explaining that the fintech is already testing new products and services in beta with merchants, the CEO said that “Beyond that, as we work with thousands of businesses on the platform, we are geared towards building more products and services that not only enables merchants to easily accept payments but also to grow through access to other financial services. From the ability to move money, store balances, access to credit and other expanded payment options for customers”.
In a statement, Justin Mateen, the founder of Tinder and JAM Fund, said “As one of PayMongo’s first investors, I’ve seen their path from simplifying payments for a handful of businesses to now being a company that thousands of merchants depend on for their day-to-day operations. I’m excited by their progress and thrilled to support the team once again as they generate greater economic opportunities through the digital economy”.
PayMongo’s CEO says its focus on SMBs and high-growth startups and companies is what makes it stand out from other digital payment gateways in the country.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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