Philippines based Fintech PayMongo Acquires $31M via Series B Round

PayMongo, an online payments Fintech in the Philippines, has secured $31 million via a Series B round from JAM Fund, the venture capital firm of Tinder co-founder Justin Mateen, and other investors including ICCP-SBI Venture Partners and Kaya Founders.

PayMongo was established by Francis Plaza, Jaime Hing III, and Luis Sia back in 2019. The B2B Fintech allows online platforms to process various payment options, including credit cards and digital wallets to over-the-counter transfers. In addition to offering easy-to-install APIs and plugins, the firm provides website-less online checkouts for clients.

The proceeds will be channeled towards enhancing PayMongo’s payment infrastructure. The firm is also working on adding more services like disbursements, capital lending, subscriptions, recurring payments, along with Buy Now, Pay Later (BNPL) options.

The virtual payments ecosystem in the Philippines is set to reach $19.8 billion by the end of this year, a Statista report revealed.

With this new investment round, PayMongo’s funding is now just under $46 million. It acquired $12 million in capital via a Series A round in September 2020 and secured $2.7 million in seed funding a year back.

Other investors in the firm’s latest round include Global Founders Capital, SOMA Capital, along with the founders of Qonto, Viva Wallet, Billie, and Scalable.

The team at PayMongo notes:

“We believe that the way we transact should be an enabler of trust and efficiency. Our mission is to become the invisible engine of commerce that gives everyone the opportunity to participate and succeed in the rapidly transforming digital economy.”

PayMongo has also shared:

“Through our products, we transform how Southeast Asian businesses are built and run. Our systems are meticulously designed to meet the unique needs of our economy. From enabling cashless payments to easily accepting good old cash, we help forward-thinking companies scale faster and more efficiently. We are obsessed with simplicity because we know that, while finance can be complex, processing payments should be easy.”

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