PayMongo secures $12 million additional funding

Iris Gonzales - The Philippine Star

MANILA, Philippines — PayMongo, a Filipino-owned online payment platform, has secured $12 million in funding from key investors to further boost its digital platform in the country.

PayMongo CEO and co-founder Francis Plaza said the $12 million Series A funding builds on an exceptional first year for PayMongo.

“We’re thrilled to have amazing investors to support our mission of building the digital economic infrastructure in the Philippines,” Plaza said.

PayMongo’s financing is led by Stripe with participation from the company’s other existing investors – Y Combinator, Global Founders Capital and Bedrock Capital.

Noah Pepper, Stripe’s APAC business lead, recognized the PayMongo team and the speed at which they’ve made digital payments more accessible for so many businesses across the Philippines.

“We fully support their vision to bring many more Filipino businesses online. Given the disruption caused by COVID-19, a service like theirs is simply vital for the country’s businesses and economic future,” he said.

PayMongo is enabling businesses to meet rapidly growing online demand with intuitive, easy to use pro-ducts,” 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,” he said.

The fresh investment brings PayMongo’s total funding to almost $15 million, just a little over a year since the company launched in June 2019 with a seed round of $2.7 million, one of the largest among Philippine financial technology startups.

The new capital enables PayMongo to further accelerate the rollout of new features and products in its aggressive roadmap and build up its product, design, and engineering teams.

“We are committed to build the best payment experience for Filipino businesses,” Plaza said.

PayMongo’s transaction volume increased 15 times since the year started and even so during the lockdown when customers needed to transact online for their purchases.

By April, a month after the government imposed a nationwide lockdown, thousands of Filipino businesses, including small entrepreneurs, restaurants and fast food chains, signed up for PayMongo’s products and services.

PayMongo’s user-friendly payment platform allowed them to transition to digital easily, continue operating online, as well as accept digital payments such as credit and debit cards and e-wallets in a few simple steps.

PayMongo is the first Filipino-owned fintech start-up incubated by Silicon Valley-based Y Combinator, the premier seed accelerator in the world.

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