PayMongo Secures $12M in Series A Funding Round Led by Stripe
PayMongo, a Filipino-owned online payment platform, recently secured $12 million in a Series A financing round led by Stripe.
The funding round comprised of other existing investors — Y Combinator, Global Founders Capital and a new investor, Bedrock Capital.
The fresh investment brings PayMongo’s total funding to almost $15 million, just a little over a year since the company launched in June 2019 with a seed round of US$2.7 million, a substantial figure for a Philippines-based fintech startup.
“The Series A funding builds on an exceptional first year for PayMongo. We’re thrilled to have amazing investors to support our mission of building the digital economic infrastructure in the Philippines. We are committed to build the best payment experience for Filipino businesses,”
said Francis Plaza, PayMongo CEO and co-founder.
The new capital will enable PayMongo to rollout new features and products as well as expand its product, design, and engineering teams.
Philippine digital transactions surged by 42% in value between January and April 2020, and would likely meet the targets set by the country’s central bank – a growth driven by the necessary shift online amid strict community quarantine measures.
PayMongo’s transaction volume is said to have increased by 15 times since the year started. By April, a month after the government imposed a nationwide lockdown, thousands of Filipino businesses, including small entrepreneurs, restaurants and fast food chains, had apparently signed up for its products and services.
According to Noah Pepper, Stripe’s APAC Business Lead,
“We’ve been impressed with the PayMongo team and the speed at which they’ve made digital payments more accessible for so many businesses across the Philippines. We fully support their vision to bring many more Filipino businesses online. Given the disruption caused by COVID-19, a service like theirs is simply vital for the country’s businesses and economic future.”