Philippines' payment startup PayMongo secures Sillicon Valley funding

ABS-CBN News

Posted at Oct 07 2019 10:14 AM | Updated as of Oct 07 2019 10:28 AM

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MANILA - Filipino payments startup PayMongo said Monday it secured a $2.7 million (P140 million) funding from Sillicon Valley investors to grow its business.

Investors include PayPal co-founder Peter Thiel and digital company Stripe, PayMongo said. 

PayMongo, which competes with platforms like Dragonpay, aims to integrate all options to its platform including credit cards, e-wallets and cash, its CEO Francis Plaza told ANC. 

"More and more people are adopting online payments...We’re building this highway, the analogy is where every car can pass through because it’s an ecosystem play, we want to support all these methods," Plaza said. 

Using the platform is free, enabling small sellers who cannot negotiate with banks, Plaza said.

Businesses needing an invoice can generate one using the PayMongo platform. A link with different payment options will be sent to consumers, he said. 

In less than 4 months, PayMongo's partners grew to 1,700 from 10. It aims to hit a total of 10 million transaction by mid-2020, Plaza said.