Philippines-based FinTech PayMongo, which enables merchants to accept digital payments, has raised $31m in Series B funding as it looks to expand regionally.
According to a report by TechCrunch, the round included Justin Mateen’s JAM Fund, ICCP-SBI Venture Partners and Lisa Gokongwei’s Kaya Founders, along with returning investors Global Founders Capital and SOMA Capital. The startup says the round also included founders from European fintechs like Qonto, Viva Wallet, Billie and Scalable.
This brings PayMongo’s total funding to just under $46m. Its last funding was a $12m Series A announced in 2020 and led by Stripe.
The company targets micro-, small- and medium-sized businesses, enabling them to accept different forms of payments, including credit cards, online wallets and over-the-counter. Its products include PayMongo API and e-commerce plugins.
The new funding will be used to further develop PayMongo’s current payments infrastructure and add more financial services, including disbursements, capital lending, BNPL, and subscriptions and recurring payments.
Part of PayMongo’s product roadmap includes acquiring new licenses that will allow it to operate more financial services. At the same time, the company is also exploring regional expansion.
Francis Plaza, co-founder and CEO, said, “There is so much more work to do in the Philippines. We also forecast more than doubling our team size to support this increasing demand and deliver on our aggressive product roadmap. In parallel, we have started some initial exploration and leg work to expand in the SE Asia region, a work we have kicked off last year.”
Copyright © 2022 FinTech Global
