BayaniPay Aims to Grow Tenfold with New $3-Million Funding Boost
BayaniPay, a financial technology startup, is looking to increase its processed payments tenfold, from $20 million in 2023 to $200 million within the year. This comes after the company secured an additional $3 million in fresh capital from investors Wavemaker Partners, PTGB, and Talino Venture Studios.
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The funding, on top of the $6.6 million previously raised from similar investors, will enable BayaniPay to expand its bills pay service not just in the United States, but to other countries across the world. For overseas Filipino workers, this means cross-border payments would be more “frictionless and cost-effective,” allowing them to save on transfer fees and add more peso value to every dollar they send home.
“We are grateful for the continued trust of our investors. This expansion marks a major milestone in our commitment to provide convenient, secure, and low-cost global payment services to Philippine institutions, so that they can broaden their international reach and give their customers better ways to pay them,” BayaniPay CEO Winston Damarillo said.
Bayani GlobalPay to launch soon
This June, the fintech is also set to unveil an embedded banking service that will enable businesses and major billing entities to reach customers internationally. Called Bayani GlobalPay, it will feature two different solutions: GlobalPay, a white-label service that provides customized payment platforms for non-financial institutions; and GlobalPay Express, an all-in-one portal for managing payments. Clients can choose either of the two, depending on their needs.
“Any local enterprise that provides products or services to Filipinos, such as property builders, insurance companies, hospitals, retailers, and schools can do business globally because they have a platform to get paid at the lowest possible cost,” Dindo Marzan, chief commercial officer at BayaniPay, said.
BayaniPay is an international payments process automation startup based in both the United States and the Philippines. Its services include digital-only, embedded banking for businesses and customers to make payments, as well as remittances with fees as low as zero.
