PayMongo a financial startup received $31 million in investment
February 23, 2022
PayMongo a financial startup just received $31 million in Series B funding, bringing its total capital to little under $46 million. The fund was co-founded by Justin Mateen’s JAM Fund, Philippine VC companies ICCP-SBI Venture Partners and Lisa Gokongwei’s Kaya Founders, as well as existing investors Global Founders Capital and SOMA Capital. Qonto, Viva Wallet, Billie, and Scalable, all European financial unicorns and companies, were also present. “This $31 million investment demonstrates our success and the success of our merchants.”
PayMongo CEO and co-founder Francis Plaza said, “With this Series B, we will invest even more in our merchants’ success by giving them new ways to move money seamlessly online.”
PayMongo a financial startup has tripled its merchant base and quadrupled its monthly transaction volumes since closing its Series A round in September 2020.
The business is a payment system for all types of businesses. Its goal is to achieve long-term growth by catering to small (and micro) and medium-sized businesses (SMEs), which make up 99 percent of all firms in the Philippines and have traditionally been underserved by traditional payment providers. “As one of PayMongo’s financial startup for early investors, I’ve seen them grow from a firm that simplified payments for a few businesses to a company that thousands of merchants rely on for their day-to-day operations,” said Justin Mateen, founder of JAM Fund and Tinder.
PayMongo a financial startup plans to expand its business by bolstering its present payment infrastructure and branching out into new financial services. The company stated in a statement that this includes developing solutions including disbursements, capital lending, “buy now, pay later,” subscriptions, and recurring payments, among others.
PayMongo will also look into how the Philippines might serve as a model for digital financial services revolution in other emerging markets.
The Philippine digital economy is expected to rise to $40 billion by 2025, according to a report by Google, Temasek, and Bain & Co., with the fastest growth rate in Southeast Asia throughout the epidemic. Companies and consumers have been driving its growth in recent years by using digital platforms and services to embrace the change to e-commerce.
Paymongo is certainly on the right track. I just hope that they would not lose their momentum given the competition that we have at the moment. Still growing and making a big difference. Goodluck to you guys!