Philippines-based fintech startup that assists businesses to accept online payments from multiple canals has successfully raised US$12 million Series A round in a press statement. The round of financing was led by Stripe with existing backers investors Y Combinator and Global Founders Capital and new investor Bedrock Capital also participating in the round.
This brings the Manila-based fintech startup’s total funding to US$14.7 as it secured of US$2.7 million from Founders Fund, Peter Thiel and Stripe.
The proceeds of the financing round will be used to further accelerate the rollout of PayMongo’s features and products in its aggressive roadmap and build up its product, design and engineering teams, it said in a press statement.
Founded in 2019 by Francis Plaza (CEO), Luis Sia (CPO), Jaime Hing (CTO) and Edwin Lacierda (COO), PayMongo offers an online payments API which business can integrated into their websites and apps to make it easier to receive money.
Noah Pepper, Stripe’s APAC Business Lead, commented: “We’ve been impressed with the PayMongo team and the speed at which they’ve made digital payments more accessible for so many businesses across the Philippines. We fully support their vision to bring many more Filipino businesses online. Given the disruption caused by COVID-19, a service like theirs is simply vital for the country’s businesses and economic future.”
“PayMongo is enabling businesses to meet rapidly-growing online demand with intuitive, easy-to-use products,” said Spencer Peterson, Principal at New York-based Bedrock Capital.