Higala Secures USD $2.8M in Funding to Strengthen Instant Payment System
The investment aims to enhance financial inclusion by expanding Higala’s network, which connects rural, thrift, and commercial banks, as well as electronic money issuers.
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Higala, an Inclusive Instant Payment System in the Philippines, has extended its seed funding round to USD $2.8 million. The additional funding for Higala comes from Talino Venture Studios and 1982 Ventures, both committed to supporting fintech innovation.
1982 Ventures, a Singapore-based venture capital firm focused on Southeast Asian fintech start-ups, led the extension round. Their portfolio includes companies like NextPay, Lista, and Brick.
Scott Krivokopich
“Higala’s approach to instant payments aligns with our vision for fintech-driven change,” said Scott Krivokopich, Managing Partner at 1982 Ventures. “Winston Damarillo and Vice Catudio have a strong track record in building payments infrastructure, and we are excited to support Higala in modernising the country’s financial transactions.”
Since launching last year, Higala has expanded financial access across the Philippines. They have connected rural, thrift, and commercial banks, as well as electronic money issuers. The platform lowers the cost of real-time payments and makes financial transactions more accessible.
Higala plans to launch platform banking in the second quarter of this year. The company wants to enable smaller banks and financial institutions to offer digital payment services. This initiative will facilitate their participation in instant payment systems.
Recently, Rizal Commercial Banking Corporation (RCBC) partnered with Higala to provide core technology for SynerFi, an open payments platform designed to help smaller financial institutions access digital payments.
Vice Catudio
“Our infrastructure allows partners to launch new services, reach new markets, and strengthen existing operations with increased reliability and lower costs,” said Vice Catudio, Higala President and Chief Revenue Officer. “We appreciate the support of our growing network partners, including major banks and electronic money issuers.”
Higala’s network includes 40 participants in RCBC’s SynerFi service and several rural banks such as Rizal Microbank, Guagua Rural Bank, and Rural Bank of Cadiz, among others.
Powered by Mojaloop technology, an open-source instant payment system, Higala works with partners like RCBC, Xendit, FinTech Alliance PH, and the Rural Bankers Association of the Philippines to advance financial inclusion.
