Philippines payment processing startup PayMongo lands $12 million Series A led by Stripe

Stripe has led a $12 million Series A round in Manila-based online payment platform PayMongo, the startup announced today.

PayMongo, which offers an online payments API for businesses in the Philippines, was the first Filipino-owned financial tech startup to take part in Y Combinator’s accelerator program. Y Combinator and Global Founders Capital, another previous investor, both returned for the Series A, which also included participation from new backer Bedrock Capital.

Philippines payment processing startup PayMongo lands $12 million Series A led by Stripe

Stripe has led a $12 million Series A round in Manila-based online payment platform PayMongo, the startup announced today.

PayMongo,  which offers an online payments API for businesses in the Philippines, was the first Filipino-owned financial tech startup to take part in Y Combinator’s accelerator program. Y Combinator and Global Founders Capital, another previous investor, both returned for the Series A, which also included participation from new backer BedRock Capital.

Fintech firm PayMongo attracts $2.7m in seed funding from Stripe, Y Combinator, others

Manila-based financial tech startup PayMongo has raised $2.7 million in seed funding to give merchants in the Philippines and other Southeast Asian markets simple ways to set up online payments. Investors included Founders Fund, Peter Thiel and Stripe, with participation from Y Combinator (PayMongo  is the first Philippine fintech company it has funded), Global Founders Capital, Soma Capital, Tinder co-founder Justin Mateen and other angel investors.

This 4-month-old Y Combinator startup wants to be the Stripe for the Philippines

Francis Plaza, a serial entrepreneur, was long frustrated with the poor digital payments services in his home country the Philippines. One day, he decided to do something about it.

About four months ago, Plaza sat together with his Software Engineer friends to discuss the issues in the payments space in the country and developed a solution.

And it has now made it to Y Combinator’s summer batch 2019, the first Filipino fintech startup to achieve the feat.