BayaniPay, a US and Philippines-based global payments automation process provider announced that it has raised an additional $3 million in funding to expand its international payment capabilities.
This capital injection, led by Wavemaker Partners, PTGB, and Talino Venture Studios, will be used to finance the company’s ambitious target of 10X growth within the year.
The fresh funds acquired follow a previous seed round of $6.6 million from the same group of investors, reinforcing their confidence in BayaniPay’s potential to transform cross-border payments, according to the announcement.
With this latest investment, BayaniPay plans to broaden its bills pay service, allowing payments to be made not only from the United States but from any location worldwide.
“We are grateful for the continued trust of our investors,” said Winston Damarillo, CEO of BayaniPay. He added:
This expansion is a major milestone in our commitment to providing convenient, secure, and low-cost global payment services to Philippine institutions, enabling them to expand their international reach and offer their customers better payment solutions.
BayaniPay’s growth strategy involves extending its services globally, aiming to process $200 million in payments by the end of 2024. The company is keen on reducing the friction and costs associated with cross-border transactions, which is particularly beneficial for the Filipino diaspora.
Eric Manlunas, founder and managing partner of Wavemaker Partners, expressed enthusiasm about the future of financial technology in facilitating direct payments across borders. He said:
Cross-border direct payments is a natural progression of remittance that continues to sustain and uplift the Philippine economy. We are excited to support the financing of BayaniPay to fuel its growth on a massive scale.
This month, BayaniPay is set to launch Bayani GlobalPay, an embedded banking service aimed at enabling businesses and major billing entities to efficiently reach their customers globally.
The service features two solutions: GlobalPay, a white-label platform for non-financial institutions, and GlobalPay Express, an integrated payment portal for comprehensive payment management.
Bayani GlobalPay is designed to cater to local enterprises in the Philippines that serve the Filipino community abroad, including real estate firms, insurance companies, hospitals, and educational institutions.
The service aims to offer the most cost-effective and convenient payment methods, which include debit and credit cards, e-wallets, direct debits, and QRPH—a system that does not require a bank account for transactions.
“For years, we have been providing cross-border financial services to Filipino American communities in the U.S. Now is the perfect time for BayaniPay to unlock the infinite potential of international payments and provide accessible and affordable global financial services to Filipinos in every continent,” Damarillo concluded.
BayaniPay, based in Los Angeles, collaborates with partners such as Talino Venture Studios, The Asian Journal, East West Bank, and Wavemaker Partners. It operates as the authorized agent of BDO Unibank, the largest bank in the Philippines.
