Manila, Philippines – Local fintech and online payments company PayMongo has secured US$31m in funding from their series B funding, which they aim to serve local SMEs more. Said investment round participants include Justin Mateen’s JAM Fund, Philippine VC firms ICCP-SBI Venture Partners and Lisa Gokongwei’s Kaya Founders, together with existing investors Global Founders Capital and SOMA Capital.
In addition, founders of top European fintech unicorns and startups Qonto, Viva Wallet, Billie and Scalable joined the investment round. This then brings the company’s total funding to just under US$46m, following a US$12m Series A round in 2020 and a US$2.7m seed round in 2019.
Through the funding, PayMongo will continue to scale its operations by strengthening its current payments infrastructure and venturing into more financial services. This involves building products such as disbursements, capital lending, ‘buy now, pay later’, subscriptions and recurring payments, among many others.
It will likewise explore how the Philippines can serve as a springboard for the digital transformation of financial services in other emerging markets.
For Francis Plaza, CEO and co-founder at PayMongo, the investment is a testament to their growth and the continued growth of their merchants. He added that with this Series B, they will invest further in their merchants’ successes by giving them more means to move money seamlessly online.
“While payment acceptance is crucial, it is just one of the many services that entrepreneurs need to build a successful online business. Our goal is to create a one-stop-shop for all these financial needs in the broader Southeast Asian region, starting with the Philippines,” he said.
