Fintech startup PayMongo raises $31M in latest Series B funding round
(From Left) Paymongo’s CTO Jaime Hing III, CEO Francis Plaza, and CCO Luis Sia. | Photo Credit: www.forbes.com
Manila-based fintech startup PayMongo has raised $31 million in a Series B round. This latest funding round brings the total investment of the three-year-old startup to nearly $46 million.
Investors include Tinder co-founder Justin Mateen’s JAM Fund, ICCP-SBI Venture Partners, and Lisa Gokongwei’s Kaya Founders, along with existing investors Global Founders Capital and SOMA Capital.
“This investment is a testament to our growth and the continued growth of our merchants,” said PayMongo co-founder and CEO Francis Plaza, a Forbes 30 Under 30 Asia alum from 2020, in a statement according to Forbes. “With this Series B, we will invest further in our merchants’ successes by giving them more means to move money seamlessly online.”
According to PayMongo, the latest funding will be used to develop its current payments infrastructure further, add more financial services, and create a one-stop-shop for all the financial needs of entrepreneurs and online businesses as it aims to explore regional expansion.
“We will be deploying capital to aggressively build up our design, product, and engineering teams while also developing strategic partnerships with key players and institutions within the financial technology ecosystem,” the startup reportedly told BusinessWorld.
The latest round comes less than a year after PayMongo raised $12 million in a Series A funding round in September 2020. Prior to that, the startup raised $2.7 million in seed funding back in 2019.
PayMongo, founded in 2019 by Francis Plaza, Jaime Hing III, and Luis Sia, is a payment gateway that enables online businesses to easily accept various digital payment methods, including credit cards, e-wallets, and over-the-counter payments.
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