Payments Fintech PayMongo has partnered with Vesta, a fraud protection tech platform, to enhance the company’s advanced fraud detection capabilities. PayMongo is a fast-growing payments provider in the Philippines. Not too long ago, PayMongo raised $12 million in a Series A funding round led by US Fintech Stripe.
The partnership with Vesta will improve fraud assessment while protecting customers’ accounts and real-time reporting for PayMongo’s over 5,000 merchants comprising mostly of small and medium Filipino enterprises. Vesta provides a real-time decisioning platform built on data science.
PayMongo offers merchants a service with zero sign-up and monthly fees and leveraging an API integration for websites or apps, as well as letting them accept digital payments such as credit and debit cards and e-wallets through its PayMongo Links product and e-commerce plug-ins.
In a release, Francis Plaza, PayMongo co-founder and CEO, said:
“One of PayMongo’s strong points is our robust fraud detection system. Still, we continue to improve and innovate. With its track record, Vesta is a natural choice for PayMongo to help us amplify the protection we give our merchants.”
Shabab Muhaddes, Vesta General Manager in the Asia Pacific, called the partnership a great match for his firm.
Vesta recently acquired a strategic investment from Singapore-based EDBI, a global Asian-based investor. This investment, along with a strategic alignment with EDBI, has accelerated the company’s momentum and efforts to expand across the Asia Pacific from its regional headquarters in Singapore.
Vesta also secured $125 million in new growth capital from private equity firm Goldfinch Partners to invest in growth and continue the global deployment of its services.