Filipino Fintech Startup Bumps Up Seed Round Funding to P374 Million
A Filipino fintech startup has received $2.1 million (about P119 million) in fresh funding in its seed round, increasing its total funding to $6.6 million (about P374 million), the company announced.
BayaniPay, a global payments solutions provider, said the additional raise comes was led by existing investors Talino Ventures and PTGB and will allow the startup to further scale its business and boost its momentum. The funds will also allow the company to strengthen its operations in its existing territories, including U.S. states like California, Hawaii, New Jersey, and Alaska, as well as explore new growth areas.
“We decided to expand our seed round to support our faster-than-anticipated growth,” said BayaniPay CEO Winston Damarillo. “We are grateful to our existing investors for providing BayaniPay additional funding, which will help us further expand our services and reach more overseas Filipinos in other parts of the world.”
Damarillo said BayaniPay is continuing its growth path with average transaction value reaching P100 million per month this year, or triple that of the P30.64 million in average transactions in 2022.
The CEO attributed the exponential growth to strong demand for cross-border payment solutions, including remittances as well as bills payments. The startup is targeting to reach P1 billion in total transaction value this year.
“We are on track to meet this milestone, as we continue to acquire more customers each month,” Damarillo said. “The demand for BayaniPay continues to grow as more and more Filipinos see the value and benefit of convenience, while allowing them to enjoy zero fees and competitive foreign exchange rates.”
BayaniPay has set its sights on Canada as its next target.
“We follow where the Filipino money is,” Damarillo said, noting that there are now nearly one million Filipino immigrants in Canada. “We aim to sustain this momentum and explore new territories. Our commitment towards improving and growing our platform is driven by the desire to make the lives of Filipinos easier, wherever they may be found.”
The fresh funds will also allow BayaniPay to further acquire more customers. Its Buena Mano Rate Program, for instance, provides new digital remittances with a $1:P60 foreign exchange.
Launched in 2022, BayaniPay allows overseas Filipino users to remit funds to the Philippines and make direct payments to service providers in the country. It collects zero fees and provides users with “market-leading” foreign exchange rates.
“Not only has BayaniPay created intuitive solutions to make Filipinos’ payment journey a simple and cost-effective exercise, but we have also significantly contributed to solving the problems of existing remittance and bills payment methods for overseas Filipinos,” Damarillo said. “Aside from benefiting our own customers, we also want to contribute to the overall economic growth of the Philippines by encouraging reinvestments in the Philippines.”