PayMongo, the Philippines-based fintech startup recently closed their Series B with $31 million, bringing their total funding to $46 million. This round saw major investors such as Justin Mateen’s JAM Fund, Lisa Gokongwei’s Kaya Founders, ICCP-SBI Venture Partners, and also Europe-based fintechs such as Qonto, Billie, Viva Wallet, and Scalable. There was also participation from returning investors SOMA Capital and Global Founders Capital. The raised funds will be used to develop services and expand regionally.
PayMongo enables local businesses, primarily MSMEs and SMEs, to receive digital payments such as online wallets, credit cards, etc. Now, with the newly received funds, the startup will be expanding its domain of service provision, as well as will pursue regional expansion. They plan to new services such as capital lending, disbursements, subscriptions, recurring payments, and more. Fintech is an integral part of the digitalisation of the Philippines market, and PayMongo aims to enable business owners with complete digital financial services.
The company has also started exploring other regions of Southeast Asia, but primarily they will be concentrating on the Philippines home turf. They have a competition to deal with in the regional market from DragonPay, PayMaya, PesoPay, and Paynamics. But, the 2019 founded startup has explained its key differentiator to be targeting high-growth SMEs.
PayMongo has started testing some of its new products, and it plans to empower business owners more than anything. The ability to receive digital payments and store the balance in a hassle-free manner is extremely important for SME growth. By enabling this in a rapidly digitalising market, PayMongo has been able to capture a large chunk of the pie. They started their journey by enabling only a handful of customers, and within 3 years they are serving thousands of businesses across the Philippines.