Tag: PayMongo

Philippines – In an effort to catalyse SME finance, GoTyme Bank and PayMongo Philippines, Inc. recently forged a strategic partnership to advance financial accessibility among small and medium-sized enterprises within the PayMongo merchant ecosystem.

This latest initiative laid the foundations for PayMongo Capital, a fully digital financial program that streamlines the loan application process among businesses, eliminating the traditional paperwork through a seamless, two-minute, two-screen journey. 

Under PayMongo Capital, a flexible loan term also tailors financing alternatives to a particular preference of enterprises. Unlike typical loans, which have hidden costs and penalties, this programme introduces transparent pricing, which requires businesses to pay a competitive flat rate.

The absence of hidden charges, on the other hand, simplifies the financial landscape for borrowers, boosting trust and clarity.

Furthermore, this new app also allows businesses to easily manage repayments, automatically deducting a portion from their sales. It further aligns payments with their daily sales and ensures that merchants can focus on their operations without the constant worry of rigid repayment structures.

Meanwhile, qualifying merchants benefit from this hassle-free disbursement process, with the lent amount reaching their accounts within one banking day, subject to the processing time of the receiving bank.

Talking about the launch, Nate Clarke, CEO at GoTyme Bank, shared, “As GoTyme Bank expands to offer more banking products to our customers, we also continue to build meaningful relationships and foster financial inclusion. Through PayMongo Capital, powered by GoTyme Bank, we hope to make loans and banking in general more accessible to SMEs and give them the preferred banking experience they deserve.”

Jojo Malolos, CEO at PayMongo, also supported this statement, saying, “At PayMongo, our unwavering commitment to support the growth of small and medium-sized businesses takes a groundbreaking leap with our partnership with GoTyme Bank. This collaboration is a game-changer for PayMongo merchants, unlocking additional capital to propel their online enterprises towards unparalleled success.”

Following this strategic alliance, the two are set to embark on empowering thousands of businesses within PayMongo’s merchant ecosystem, providing ease of access to business loans using GoTyme’s innovative banking service.

Manila, Philippines – Current chairman and co-founder of recently-launched GoTyme Bank Jojo Malolos has joined Philippine payment gateway company PayMongo as its new president and chief executive officer. He replaces interim CEO Isabel Ridad, as the latter announced stepping down from the company to pursue new ventures.

In his new role, Malolos will be responsible for re-shaping PayMongo’s plans for the company’s next phase of growth. He will be also leading the efforts to ensure the company’s success by implementing a broad range of transformation initiatives.

Moreover, he will also lead the introduction of PayMongo’s next generation of products and services with a view to better serve its existing client base and drive the advancement of the internet economy in the Philippines and more broadly, Southeast Asia. 

With PayMongo’s newly-issued EMI licence, Malolos will continue to direct the organisation to driving significant impact in the digital financial services sector.

Aside from being its chairman, he also served as GoTyme Bank’s president and chief executive officer previously. In the past, Malolos was also the chief executive officer of JG Digital Equity Ventures, the digital ventures arm of national conglomerate JG Summit. Aside from this, senior roles at Smart Communications and Cignifi also go under his belt.

“The Board has confidence in Jojo’s experience and his ability to effect and manage change as he brings significant experience in M&A, organisational transformation and a track record in the fintech, venture capital, digital banking and innovation ecosystems.” the company has said in a press statement.

Manila, Philippines – Local-based online payment processing platform PayMongo and buy now, pay later (BNPL) platform Atome have teamed up to expand BNPL acceptance among merchants in the country.

Through the partnership, it will enable PayMongo’s over 10,000 merchant network in the Philippines to offer their customers flexible deferred payment options, with no additional annual or service fees as an alternative checkout payment option.

Miel Pahati, head of partnerships at PayMongo, said, “Our partnership with Atome enables our merchants to offer a seamless and flexible payment checkout experience. With the growing trend towards digital payments and the appeal of zero-interest payment options, especially among digital-native customers, we’re confident this partnership will help our merchants grow sales and delight both new and returning customers.”

Meanwhile, Jeremy Wong, head of strategic partnerships at Atome, commented, “More than ever, consumers want choice, flexibility and a more personalised shopping and payment experience. Our partnership with PayMongo in the Philippines will accelerate the acceptance of flexible deferred payment options, and will support thousands of merchants in enabling a superior, secure checkout experience for consumers, in-store and online. This, in turn, will optimise customer conversion, increase average orders and repeat sales.”

As part of the partnership, local home appliance store Anson’s will be one of the first to adopt Atome payments via PayMongo.

Kristoffer Cheng, e-commerce and digital marketing manager at Anson’s, said, “Setting up Atome as a buy now, pay later option in our website was a quick and easy experience because PayMongo makes integration seamless.” 

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.