Philippines payment processing startup PayMongo lands $12 million Series A led by Stripe
PayMongo is building Stripe for the Philippines (and Southeast Asia) by transforming how businesses are built and run. PayMongo allows SMB’s to accept online payments from multiple channels quickly and easily in minutes through their websites, services or apps. The system is meticulously designed to meet the unique needs of the current economy in Southeast Asia by adopting an easy-to-use API and fast integration, allowing merchants to scale without existing payment pain points. By prioritizing a simple UX, the founders have created a customized system that now integrates with Messenger, Viber, email or SMS.
The founders started PayMongo after being frustrated for years with the cumbersome process of integrating payments into websites, apps or services in the Philippines. As a team of software engineers they believed that adding payments should be fast and simple. The vision is to be the invisible engine of commerce that will enable individuals and merchants to easily join the internet economy and grow fast into large and successful businesses.
The PayMongo founders are serial entrepreneurs with diverse backgrounds from MIT, Cambridge, 22 Delta Labs and social analytics.