Philippines payments processing startup PayMongo secures $2.7 million seed investment led by Peter Thiel, Stripe, Tinder co-founder, others
PayMongo, a Manila-based fintech startup that makes it easy for businesses in the Philippines to accept online payments from multiple channels with ease, has raised $2.7 million in seed round to grow the team, accelerate product development, acquire businesses more aggressively, and close down on many strategic partnerships.
The investment came from top Silicon Valley investors, including Founders Fund, Peter Thiel, and Stripe. Y Combinator, Global Founders Capital, Soma Capital, Tinder Co-founder Justin Mateen and a number of other angel investors also participated in the round.
PayMongo offers easy ways for merchants to receive payments online. Its mission is to become the invisible engine of commerce that gives everyone the opportunity to participate and succeed in the rapidly transforming digital economy. PayMongo is the first fintech company from the Philippines to make it to Y Combinator joining the accelerator’s class this summer.
“At YC, we love companies who build services that empower startups. We believe PayMongo will provide the infrastructure that is needed for more Filipinos to become founders who are in charge of their own destiny,” said Kevin Hale, Partner at YC.
Dubbed as “the Stripe for the Philippines,” PayMongo aims to transform how Southeast Asian businesses are built and run through its payment products. Its system enables cashless payments to easily accepting good old cash, we help forward-thinking companies scale faster and more efficiently. PayMongo targets to grow its base in the Philippines the near term. The company plans to offer more products and services to its merchants and eyes expansion towards the rest of Southeast Asia.
PayMongo was founded in 2019 by Francis Plaza (CEO), Luis Sia (COO), Jaime Hing (CTO), and Edwin Lacierda. Plaza has immense experience in digital payments and logistics space. Plaza graduated from MIT in 2013 with a degree in Computer Science and Economics. He previously worked in the US and Europe before coming back to the Philippines to start technology ventures and help grow the local startup ecosystem. Before co-founding PayMongo, Sia previously started an aerial surveying startup using drones. He is a long-time entrepreneur and most recently, he founded a trading company for drones and camera accessories.