Francis Plaza, Chief Executive Officer and Luis Sia are the Chief Commercial Officer of PayMongo.
PayMongo, a Philippines-based company that enables merchants to accept digital payments, has raised over $30 million in Series B funding. Some of the investors include the JAM Fund, ICCP-SBI Venture Partners, and Lisa Gokongwei. The European founders of the startup were included in the round.
The total funding for PayMongo is just under $46 million. Its last funding was a $12 million Series A announced in 2020.
Micro-, small- and medium-sized businesses can accept different forms of payments, including credit cards, online wallet and over-the-counter, thanks to the company. The products include PayMongo. The new funding will be used to further develop PayMongo's current payments infrastructure and add more financial services, including disbursements, capital lending, and subscriptions and recurring payments.
New licenses will allow PayMongo to operate more financial services. The company is exploring regional expansion.
There is more work to be done in the Philippines. We expect to double our team size to support this increasing demand and deliver on our aggressive product roadmap. In parallel, we have started some initial exploration and leg work to expand in the SE Asia region, a work we have started last year, according to co-founder and CEO Francis Plaza.
DragonPay is one of the digital payment gateways in the Philippines. The company differentiates itself by its focus on small and medium-sized businesses and high-growth companies since it was founded in 2019.
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He said that the platform was geared towards building more products and services that would enable merchants to easily accept payments and also to grow through access to other financial services.
As one of PayMongo's first investors, I've seen their path from simplification of payments for a few businesses to now being a company. I'm excited by their progress and thrilled to support them as they generate more economic opportunities through the digital economy.
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