Fintech Startup PayMongo recently raised $12 million in a Series A round led by Stripe. The company offers online payment API for businesses in the Philippines. It also took part in the Y-combinator accelerator program. Other investors that took part in the Series A round were Y-combinator, Global Founders Capital, and Bedrock capital.
What does the Fintech startup PayMongo offer?
PayMongo offers a digital solution for e-commerce sites, apps, and more to accept payments. They build in their API into sites and apps through which they can accept payments from banks, cards, and wallets. They also provide links that can be used by buyers to make direct payments to the sellers.
Stripe’s APAC business lead Noah Pepper on investing in PayMongo said, “we’ve been impressed with the PayMongo team and the speed at which they’ve made digital payments more accessible to so many businesses across the Philippines.” It’s no doubt being such a big entity in the Philippines, they also have great security with built-in Fraud and risk detection system.
PayMongo’s growth from 2019 and future plans
Fintech startup PayMongo began in 2019 with an initial seed funding of $2.7 million. From then, it has been quite a pleasant road for the startup. With almost $15 million in funds and constant growth in usage due to COVID, their future seems safe. The company’s co-founder also said that it had processed over $20 million in payments since 2019.
Seeing a significant spike in their platform usage after the lockdown in March, they had to prepone their plans to start the Series A round from 2021 to 2020. They plan to use the funding received to improve the quality of their services and bring in more features. And are also working on making an even better fraud detection system, which will ensure user data safety.
Seeing that PayMongo is the only payment processing startup in the Philippines it has the entire country’s market to itself. Even though lockdown isn’t a thing anymore, people are still inclined to follow safety protocols and use digital payment methods more often than ever. So, that’s another plus for PayMongo. Following the startup’s growth, we might soon see new and even better fintech startups in the country.
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