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Highlights:
- PayMongo has reportedly raised US$ 31 million in a Series B funding round, and the total investment in the startup has catapulted to around US$ 46 million.
- Notably, PayMongo Philippines, Inc. is backed by Peter Thiel, who is an American billionaire and a venture capitalist.
- PayMongo's existing investors include San Francisco-based SOMA Capital and Global Founders Capital.
Philippines-based financial technology (fintech) startup PayMongo appears to be grabbing the attention of potential investors in the United States.
On Monday, February 21, the equities markets remained closed in the US. However, PayMongo caught investors' attention as it made headlines by securing new funding.
Notably, PayMongo Philippines, Inc. is backed by Peter Thiel, an American billionaire, venture capitalist, and co-founder of PayPal.
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Apart from Mr Thiel, PayMongo is backed by Y Combinator, a technology startup accelerator, and payments giant Stripe.
Why is PayMongo Philippines, Inc. catching attention?
PayMongo has reportedly raised US$ 31 million in a Series B funding round, and the total investment in the startup has catapulted to around US$ 46 million.
Francis Plaza, the chief executive officer and co-founder of PayMongo, said that the latest funding round is a testimony of their growth.
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The fintech startup is expected to use the money raised to invest in its merchants. The Series B funding round investors included JAM Fund, run by Tinder cofounder Justin Mateen and a few Philippine venture capital firms.
PayMongo's existing investors include San Francisco-based SOMA Capital and Global Founders Capital.
Does PayMongo have an IPO plan?
There's no official communication from the company about its public debut plans. It is uncertain if PayMongo will go public in future.
Additionally, as the fintech startup is Philippines-based, one would have to wait and see if it would go public in the South Asian or the US equities markets.
What Is Paymongo And Why Is It Grabbing Attention?
Bottom line
The fintech market seems to have growth potential, benefiting companies in this sector.
A Research and Markets report valued the global fintech industry at US$ 7,301.8 billion in 2020, and it is expected to grow at a compound annual growth rate of 26.9 per cent between 2021 to 2026.
PayMongo works with businesses of all sizes and enables them to accept various forms of payments like online wallets and credit cards.
The fintech startup is reportedly aiming to get new licenses to provide additional financial services.
PayMongo allows its merchants to track customer payments in real-time and getting payment receipts or screenshots is not required.
As per the company website, the startup's risk engine uses more than 1,600 data points to predict and tackle fraudsters in real-time.
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