Funding Payments

PayMongo Secures US$31 Million Series B to Venture Into the BNPL Space

Philippines’ payment processing startup PayMongo announced that it has secured US$31 million in a Series B funding round.

The round brings the company’s total funding to just under US$46 million, following a US$12 million Series A round in 2020 and a US$2.7 million seed round in 2019.

New investors participating in the round include Justin Mateen’s JAM Fund, Philippine VC firms ICCP-SBI Venture Partners and Lisa Gokongwei’s Kaya Founders, along with existing investors Global Founders Capital and SOMA Capital.

Also joining the round are founders of European fintech unicorns and startups Qonto, Viva Wallet, Billie and Scalable.

with the new funds, PayMongo said that it will scale its operations by strengthening its current payments infrastructure and venture into more financial services.

This involves building products such as disbursements, capital lending, “buy now, pay later,” subscriptions and recurring payments, among many others.

Since closing its Series A in September 2020, PayMongo reported that it has achieved a threefold increase in merchant base and a 4x growth in monthly transaction volumes.

Francis Plaza

“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,”

said Francis Plaza, CEO and Co-founder of PayMongo.

Featured image: (From left to right) Jaime Hing III, Chief Technology Officer; Francis Plaza, Chief Executive Officer; Luis Sia, Chief Commercial Officer