PayMongo, a payment gateway that enables merchants in Southeast Asia to accept digital payments more easily and securely, has announced that it secured $12 million in its Series A funding round led by Stripe.
This funding round brings the total amount raised to $12 million. With this funding, PayMongo will be able to expand its payment gateway to more merchants across Southeast Asia, enabling more secure and easier payments.
PayMongo secures $12M in Series A financing led by Stripe
PayMongo is an online payments solutions provider based in Manila, Philippines. It has raised $12M in funding and is backed by investors such as Y Combinator, Stripe, DMI Ventures, X-Fund by Crossbeam, and 500 Startups. In addition, the company recently announced that it has secured $12M in Series A financing led by Stripe, with existing investors participating. This round brings PayMongo’s total funding to date to $17M.
Since its launch in 2016, PayMongo has become the largest digital payment service provider in the Philippines. The company enables businesses of all sizes to accept payments on their platform through various channels including credit and debit cards (both local and international), e-wallets, bank transfers, and mobile wallets such as Gcash and Smart Money. It also partners with other businesses, including banks and financing companies, to provide payment solutions for offline transactions like direct debit payments from ATMs or point-of-sale devices at retail outlets.
The funds will enable PayMongo to further accelerate product development and strengthen its presence in Southeast Asia. It also plans to use the capital for customer acquisition and build strategic business partnerships for international expansion beyond the Philippines. Additionally, part of this investment will further strengthen its customer security measures by leveraging Stripe’s Atlas program, which provides comprehensive fraud protection services and data encryption capabilities for enterprises using their APIs.
Funding Overview
PayMongo, an online payments processor, has recently raised $12M in Series A funding led by payment giant Stripe. This significant round of financing will provide the company with the resources to continue building its platform and pioneering payment solutions.
In this article, we’ll examine the financing details and what it means for PayMongo.
Total funding to date
PayMongo, a Philippine-based neo-banking platform, has recently raised $12 million in funding. Of the total funding amount, $2.4 million was secured in January 2020 via a pre-series A investment round from various investors such as Prestellar and Kickstart Ventures. The remaining $9.6 million came from the Series A financing round announced in December 2020, led by Stripe.
Also participating were other venture capital firms including Golden Gate Ventures, Y Combinator’s Continuity Fund, Global Founders Capital and Enderun Investments Management Group Inc., as well as fintech executives such as Arya Desmond Fane (founder & CEO of Monexo India) and Dennis Chen (Head of Alibaba’s Financial Services Group).
Having secured this Series A financing round, PayMongo plans to use the funds to expand its neo-banking platform to more users within Asia-Pacific. It also plans to add features like international money transfers and goal savings products. Additionally it plans to hire more people onto its team across all areas including engineering, operations and marketing.
Series A financing led by Stripe
On June 8, 2020, PayMongo announced the completion of a 12 million dollar Series A financing round led by Stripe. In addition, Horizons Ventures from Hong Kong, Y-Combinator, and Alpha JWC Ventures from Indonesia joined the investment round. This investment will fuel the company’s growth and further international expansion.
Karen Lozano, Chief Financial Officer at PayMongo expressed their gratitude for the trust given to them by all investors: “With generous investment we have now secured more than 12 million dollars in capital which will not only help us achieve our short-term goals and objectives but also give us a strong platform to maximise our goals and objectives.”
By raising this amount of capital, PayMongo is well on its way towards providing entrepreneurs, businesses and organisations with a safe and efficient online payment solution. In addition, this money will be used to build more customer-focused payment solutions and strengthen their partnerships with banks in Asia among other initiatives.
Impact of the Funding
PayMongo’s recent funding of $12M in Series A financing led by Stripe is a significant milestone for the company. This funding round will help the company to scale its business, hire more people and expand into new markets.
It will also help develop innovative products and services that can help customers.
Let’s take a closer look at the impact of this funding on PayMongo.
Expansion of PayMongo’s services
The latest Series A financing round led by Stripe and including Singapore’s FinTech arm Vertex Ventures, Y Combinator’s Continuity Fund, DCG, and Founders Club saw PayMongo secure a total funding amount of $12M.
This latest round of funding will help PayMongo expand its services in the Philippines by introducing more services and across other geographies like India, Southeast Asia and Australia. In addition, the funds will play an instrumental role in expanding PayMongo’s regional operations and further improving its infrastructure to facilitate businesses with more homogenous payments solutions designed for the digital age.
Moving forward, PayMongo expects to use the funds to focus on its core mission: powering businesses’ payments needs and driving financial inclusion through enterprise-grade payment solutions. This fundraising also marks a significant milestone in boosting expansion into new markets while paving the way for increasing customer support service such as merchant onboarding and merchant support teams. As mentioned earlier, these investments will help bring payment convenience to more places and become available to even more people around Southeast Asia.
Increased customer base
PayMongo has raised $12M in Series A financing led by Stripe, allowing them to expand their customer base. The additional funds will help PayMongo to invest in additional resources to enhance their growth. With the additional capital, PayMongo aims to accelerate product development and continue expanding its customer base.
The increased capital allows PayMongo to scale up their operations and explore new growth opportunities. This will create better and more innovative experiences for their users through providing better services and products. Additionally, with the extra funding, PayMongo can strengthen its existing partnerships with payment processor providers such as Visa and Mastercard and explore new markets in international countries. As a result of this new financing, this will likely help increase customer engagement and satisfaction within existing markets.
Ultimately, the increased funding from this financing round is extremely advantageous for PayMongo as they look to capitalise on further success and build upon their current market position. With greater financial power, they can focus more on delivering efficient services that benefit customers while also looking towards global expansion through collaboration with other payment processor providers worldwide.
Future Plans
After securing $12M in Series A financing led by Stripe, PayMongo has some big plans for the future. This new funding round will allow the company to expand its already-successful payment platform and focus on developing new and innovative ways to provide the best payment experience to its users.
Let’s look at some of the plans in store for the future.
Expansion into new markets
PayMongo has recently raised $12 million in Series A financing to accelerate its expansion into new markets. Stripe, an industry leader in payments and financial services, led this round of funding.
The capital infusion solidifies PayMongo’s leading digital payment technology provider position and expands its reach across the SEA region. With this latest round of funding, the company will be able to further develop its comprehensive payments platform; improve customer experience; build new capabilities such as digital wallet support and fraud detection; infuse more intelligence into their platform; and expand into other countries, including Indonesia, Thailand and Vietnam.
By expanding operations beyond the Philippines, PayMongo envisions global growth opportunities as other local businesses face similar challenges with payments acceptance. It aims to make it easier for businesses of all sizes to accept payments online or in-store promptly while reducing overhead costs on merchant fees through its integrated solutions tailored for their needs.
PayMongo’s expansion into new markets will help unlock economic opportunities for businesses across the region through faster, easier and smarter invoicing via their responsive platform – all while realising cost efficiencies from various payment methods such as bank transfers or credit card processing. As part of this expansion effort, PayMongo will continue to focus on delivering superior customer service services from start-up businesses to established enterprises across Asia so that they can maximise revenue opportunities through convenient payment acceptance solutions.
Introduction of new products and services
PayMongo, a Philippine-based digital payments startup, recently announced that it has secured $12 million in Series A financing led by global payments giant Stripe. With this additional capital, the company is looking to expand its operations and introduce new products and services to provide businesses with better access to secure payment solutions.
The money raised will be used to develop additional features on PayMongo such as increased fraud detection and prevention capabilities, accelerated settlement processes, and API integrations with other financial systems. The company also plans to use the new funding to help create various APIs for developers and partners looking to integrate PayMongo into their projects. Lastly, the company plans to invest a significant portion of its new funding toward strengthening its customer service teams regarding support for merchants using their platform.
This investment from Stripe further propels PayMongo’s mission of helping businesses grow by providing them improved access to secure payment solutions in Southeast Asia. With the introduction of these new products and services, PayMongo will be well positioned for a brighter future as they look forward to aid more businesses in the region become successful in today’s digital economy.
