Philippines’ PayMongo raises $31m Series B to support nation’s SMEs
Filipino paytech PayMongo has raised $31 million in a Series B funding round.
PayMongo co-founder and CEO Francis Plaza
The round saw participation from Global Founders Capital, Soma Capital and ICCP Venture Partners, among others.
The digital payment solutions provider for merchants is also backed by paytech Stripe, which led PayMongo’s $12 million Series A round. The firm has now raised around $46 million in total.
Since that Series A funding round in 2020, the Manila-based start-up has tripled the size of its merchant base and seen 4x growth in monthly transaction volumes, Forbes reports.
In a statement to Forbes, PayMongo co-founder and CEO Francis Plaza says: “With this Series B, we will invest further in our merchants’ successes by giving them more means to move money seamlessly online.”
PayMongo’s API is designed to help small and medium-sized enterprises (SMEs) deliver a consistent checkout experience by lowering integration time to a few lines of code. Its payment platform also features onboarding and fraud detection systems.
