BayaniPay onboards more overseas

Pinoys LA-based fintech grows value three-fold in H1

 LOS ANGELES – BayaniPay, a global payments solution platform, has secured $6.6 million in additional seed funding from current investors, paving the way for its aggressive expansion across the globe.

BayaniPay CEO Winston Damarillo said in a statement that the additional funds would not only boost their expansion plans but also enable the powerhouse cross-border financial technology (fintech) company to achieve its P1-billion transaction value target for this year.

“We decided to expand our seed round to support our faster-than-anticipated growth. We are grateful to our existing investors (Talino Ventures and PTGB) 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.

In the first semester this year, Los Angeles-based BayaniPay hiked its average transaction value to over P100 million per month, a huge jump from only P30.64 million last year.

Damarillo attributed the three-fold growth in transaction value to the strong demand for cross-border payment solutions, including remittances, as well as bills payments.

“We are on track to meet this milestone as we continue to acquire more customers each month. 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,” he said.

Early this year, BayaniPay, in partnership with BDO Remit USA, launched its Buena Mano Rate program of $1:P60 foreign exchange rate for first-time remitters, which exponentially increased BayaniPay’s customer acquisition.

The Buena Mano Rate program is applicable up to $500 of every first remittance or first remittance in six months.

Later this year, BayaniPay plans to launch its loyalty program for active users, which would grant them preferential forex rates as incentives.

In the first six months of 2023, BayaniPay recorded a 36-percent growth in new users.

In addition, BayaniPay is also strengthening its partnerships with other institutions to further expand its portfolio of services.

With the additional funding, Damarillo said they intend to bankroll new projects, such as the development of a rewards system and planned expansion in North America, which is home to a large population of Filipinos.

“We aim to sustain this momentum and explore new territories. Our commitment toward improving and growing our platform is driven by the desire to make the lives of Filipinos easier, wherever they may be found,” Damarillo said.

Currently, BayaniPay caters to customers in California, Hawaii, New Jersey and Alaska by allowing them to remit funds to their loved ones and make direct payments to service providers in the Philippines.

Its platform is loaded with features that allow customers access to a digital checking account, a debit card that maximizes their spending power, zero fee remittance fees, and market-leading forex 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,” the BayaniPay executive 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,” he added.

Launched in early 2022, BayaniPay has envisioned to use technology to break down the borders in banking and level the playing field for all global professionals. Being a neobank or a fintech company, BayaniPay offers digital-first financial services in partnership with traditional banks. Because neobanks do not operate out of brick-and-mortar branches, they are able to save on costs and provide more affordable services to their customers.

BayaniPay is able to offer a zero-free remittance by allowing a point-to-point transaction between East West Bank and BDO, thus eliminating unnecessary middlemen transaction costs.

BayaniPay Inc. is a collaboration among Talino Ventures, The Asian Journal, East West Bank, and Wavemaker Partners, and is an authorized agent of BDO Remit (USA) Inc.

With a minimum remittance of $99 and maximum daily transaction of $1,999, remittances through BayaniPay can be received in 24 hours or less.

Remittances can be claimed through major Philippine banks or any 1,400 BDO branches, 4,400 BDO Unibank ATMs, or over 8,000 BDO Cash Agad outlets; plus rural banks, pawnshop partners, and Cash Pick up Anywhere locations.