BayaniPay, a global payments process automation company, has secured fresh capital of US$3 million to expand the scope and territory of its global payments capability, aiming for substantial growth this year.

Lead investors Wavemaker Partners, PTGB, and Talino Venture Studios, who previously seed-funded a total of US$6.6 million, have provided the additional capital, enabling BayaniPay to enhance its bills pay service to accommodate payments from any country worldwide.

BayaniPay CEO Winston Damarillo expressed gratitude for the continued trust of the investors.

“This expansion marks a major milestone in our commitment to provide convenient, secure, and low-cost global payment services to Philippine institutions, so that they can broaden their international reach and give their customers better ways to pay them,”

said Winston.

With the new funds, BayaniPay plans to expand its services globally, aiming to cap 2024 with US$200 million in payments processed. Eric Manlunas, founder and managing partner of Wavemaker Partners, highlighted the role of cross-border direct payments in the Philippine economy, and expressed support for BayaniPay’s growth and the advancement of future payment systems.

“Cross-border direct payments is a natural progression of remittance that continues to sustain and uplift the Philippine economy. We welcome the ability of financial technology to mature and provide the capability for individuals to pay institutions more directly,”

said Eric.

According to the Philippine Institute for Development Studies, personal remittances totalling US$37.2 billion accounted for 8.5% of the Philippine GDP in 2023. BayaniPay aims to increase the economic impact of cross-border direct payments by making them frictionless and cost-effective, helping Filipinos overseas save on fees and maximise the value of every dollar they send.

Winston added that this also empowers Filipinos to directly invest in real estate, education, and provide health safety nets by purchasing insurance for their loved ones back home.

This month, BayaniPay will launch Bayani GlobalPay, an embedded banking service designed to enable businesses and major billing entities to efficiently reach their customers globally. Bayani GlobalPay includes two embedded banking solutions: GlobalPay, a white-label service for non-financial institutions, and GlobalPay Express, an all-in-one payment portal for payment management.

Chief Commercial Officer Dindo Marzan noted that local enterprises providing products or services to Filipinos, such as property builders, insurance companies, hospitals, retailers, and schools, can conduct business globally through this platform, offering customers cost-effective and convenient payment options.

BayaniPay’s existing partners, including SMDC, DMCI, and Landco, will be among the first to collaborate with Bayani GlobalPay. In addition to its lower service fees, Bayani GlobalPay utilises payment gateways and automation technologies to reduce manual processes and provide seamless management and tracking of domestic and international payments.

The payment methods include debit and credit cards, e-wallet, direct debit, and QRPH, which eliminates the need for a bank account to pay or send money.

Winston remarked that, having provided cross-border financial services to Filipino American communities in the US for years, now is the opportune time for BayaniPay to unlock the potential of international payments and offer accessible and affordable global financial services to Filipinos worldwide.