Online Philippine payment provider PayMongo has raised $2.7m in order to leverage the country’s central bank’s ambition to go increase cashless payments by 20%.
Investors included PayPal co-founder Peter Thiel’s Founders Fund, the payments unicorn Stripe and the seed accelerator Y Combinator.
FinTech Global recently reported about PayMongo when it was announced as one of the FinTech startups selected for Y Combinator’s Fall 2019 batch.
PayMongo has the ambition to give merchants in the Philippines a way to set up online payments. PayMongo was launched in June this year and have so far reportedly signed up over 1,000 businesses to its platform. It has stated that its total transaction value processes is growing at an average 117% every week.
The venture is looking to become the leading payment service provider in the Philippines. The money raised in this round will support that goal by funding hiring, product developments, businesses acquisitions and strategic partnerships.
Stripe landed a massive $35bn valuation in September after the payment processing unicorn raised a $250m Series F funding round.
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