Founders Fund, Peter Thiel, and Stripe lead seed funding for fintech PayMongo; the fintect secures US$2.7 million

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Founders Fund, Peter Thiel, and Stripe lead seed funding for fintech PayMongo; the fintect secures US$2.7 million

Recent seed funding round led by Founders Fund, Peter Thiel and Stripe, has helped Manila- based fintech startup, PayMongo raise funds worth US$ 2.7 million in the round. Joining the list of investors were Y Combinator, Global Founders Capital, Soma Capital, Tinder co-founder Justin Mateen and other angel investors.

Francis Plaza (CEO), Edwin Lacierda (COO), Jamie Hing (CTO), and Luis Sia (CGO) founded the fintech firm, which operates in markets of some other Southeast Asian region, along with Philippones to help merchants set up online payments with ease. The amount raised is probably the largest sum that any Philippines based startup has ever raised as claimed by PayMongo, which plans to utilize the impressive sum in growing its team as much as product development. The startup will also seek to establish new strategic partnerships and acquire more businesses with the freshly injected funds.

Another interesting fact about PayMongo is that it’s the first Philippines- based fintech company that has managed to make it to the Y Combinator, joining the accelerator’s class this year.

The approach of adding payments instead of integrating them into websites, apps or service in Philippines, was a faster and easier method according to Francis Plaza, which he explained was the reason behind starting PayMongo. In today’s digital economy, a payments infrastructure serves as a backbone for both new and existing players to survive he added.

Over a thousand businesses have started using the PayMongo platform since the fintech’s inception in June. The total transaction value processed has been recorded at an average of 117 percent week- over- week. Opportunities in Philippines are still untapped which is why the startup plans to grow its base here in the near term. The long- term goal of the company is to become the largest payment service provider in Philippines. Eventually it will tap other Southeast Asian markets.

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