PayMongo, a payments processing startup, has raised $2.7 million in seed funding intending to offer merchants of Phillippines and other Southeast Asian markets easy ways to establish online payments.
The investors included Peter Thiel and Stripe, Founders Fund, participated by Y Combinator (PayMongo has become the first Philippine fintech company funded by this investor) Global Founders Capital, Tinder cofounder, Soma Capital, and other angel investors.
Launched in June, PayMongo has registered exponential growth in a short span. The platform has witnessed the engagement with more than 1000 businesses and if we believe the stats they have released, which points out towards its skyrocketing growth. Their report states the startup’s total transaction value processed is getting increased at an average of 117 percent every week.
Considering this, the founders of PayMongo; CEO Francis Plaza, COO Edwin Lacierda, CTO Jamie Hing and Chief Growth Officer Luis Sia firmly believe that the platform will double the growth in coming months.
PayMongo will stick its focus on the Philippines initially as its central bank is aiming to boost the rate of cashless payments to 20%. According to Plaza, PayMongo targets to be the largest payment gateway in the nation before it reaches other markets in Southeast Asia.
Before launching PayMongo, its team spent many years working on other projects. In that phase, they reached a conclusion that payments were the most stringent feature to integrate into products and services.
Plaza says, despite the fact that the Internet economy of the Philippines is at a surge (from $5 billion in 2018, it may touch the whopping mark of $21 billion by 2025) and a good deal of individuals embracing online payments, we yet to explore new horizons of online payments in the time to come.
Plaza further adds, the credit card usage in the Philippines is about 6%, so PayMongo also integrates with e-wallets such as GCash and PayMaya and other alternatives that allow people to pay in cash at stores.
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