Philippine Startup PayMongo Secures $12 Million in Series A Financing, Just One Year After Raising $2.7 Million in Seed Funding
The rising payment platform PayMongo from the Philippines is on a roll. The fintech startup has raised $12 million in a Series A financing, just one year after securing $2.7 million in seed funding. This leaves the total investment so far to be $15 million.
The startup’s latest funding round was led by Stripe along with Bedrock Capital, a new investor, and Y Combinator and Global Founders Capital, PayMongo’s existing investors. PayMongo was the first Filipino fintech startup incubated by Y Combinator, an elite seed accelerator based in Silicon Valley.
“This fresh funding fuels our aggressive roadmap and will allow us to invest more in building products and services that power more and more insanely successful businesses online,” said co-founder Francis Plaza.
Since the start of 2020, PayMongo’s transaction volume has “soared 15 times,” according to the startup. The platform has also reportedly processed around $20 million in transactions. Lockdown has quickened the transition to digital transactions, with more and more Filipino workers and businesses migrating their transactions online, through platforms like PayMongo. Thousands of Filipino businesses, from MSMEs to restaurants have already signed up with the startup.
“PayMongo is enabling businesses to meet rapidly growing online demand with intuitive, easy to use products,” said Spencer Peterson, principal at New York-based Bedrock Capital. “We’re impressed by the pace at which this team executes and thrilled to support their vision for the future of digital payments and commerce.”
PayMongo is a platform that streamlines payment processes for businesses.
The startup plans to use the new funding to improve its online payment options and add invoicing features, marketplaces, subscription support, and faster payout cycles.
“Online will be the new normal for commerce,” said Plaza.