Philippines-based payment processing startup PayMongo has raised $31m through a Series B funding round to bolster its team and offerings, reported Forbes.

The round saw investments from new investors JAM Fund, ICCP SBI Venture Partners and Kaya Founders as well as existing investors Global Founders Capital and SOMA Capital.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

PayMongo, which is backed by PayPal co-founder Peter Thiel, Stripe and Y Combinator among others, has raised around $46m to date.

This includes its $12m in a Series A financing round in last August and $2.7m seed funding round in 2019.

The fresh capital will be leveraged by PayMongo to expand its design, product, and engineering teams and develop strategic partnerships in key financial institutions and players, BusinessWorld reported.

Launched in June 2019, the firm provides integration tools that enable businesses to accept a number of digital payment options, such as e-wallets and credit cards.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Commenting on the latest funding round, PayMongo cofounder and CEO Francis Plaza said in a statement to Forbes: “This investment is a testament to our growth and the continued growth of our merchants.

“With this Series B, we will invest further in our merchants’ successes by giving them more means to move money seamlessly online.”

In November 2020, PayMongo teamed up with fraud detection platform Vesta in a bid to enhance protection for customers’ accounts, and enhance its fraud assessment and real-time reporting capabilities.

Last month, Singapore-based fintech firm ASEAN Fintech Group marked its entry into the Philippines with the acquisition of digital payments provider JazzyPay.