Peter Thiel-Backed Philippine Fintech Startup Raises $31 Million, Aims To Be A One-Stop Shop For Southeast Asia’s Financial Needs

The total investment in the three-year-old startup has been raised to $32 million in a Series B funding round.

Francis Plaza, a Forbes 30 Under 30 Asia alum from 2020, said that the investment is a testament to the growth of their merchants.

A member of the Gokongwei family, who controls the JG Summit conglomerate, is one of the investors in the Series B funding round. Global Founders Capital and SOMA Capital are both based in San Francisco.

As one of PayMongo's first investors, I have seen their path from simpler payments for a few businesses to now being a company that thousands of merchants depend on for their day-to-day operations.

Less than a year ago, PayMongo raised $12 million in a Series A funding round. The startup raised over $2 million in seed funding.

Recommended for you.

1

2

3

PayMongo is a platform that Plaza describes as a platform for businesses to accept a range of digital payment options, including credit cards and e-wallets.

The startup says it has tripled growth in its merchant base and doubled growth in monthly transaction volumes since its Series A funding round in 2020. Small- and medium-sized enterprises, which make up 99% of businesses in the Philippines but are historically underserved by traditional payment providers, will be targeted by PayMongo. PayMongo stated that it wants to lower the barriers to entry for Filipino businesses in the digital economy.

Payment acceptance is important, but it is just one of many services that entrepreneurs need to build a successful online business.

According to a report by Bain & Company, the Philippines was the fastest growing digital market in Southeast Asia in 2011. The country's internet economy is expected to grow from $17 billion in 2021 to $40 billion by 2025, according to a report.

As consumers and merchants in the Philippines embrace digital platforms, spurred by the Covid-19 pandemic, the report suggested that deal activity is on track to hit the highest record in recent years.