Philippine remittance startup extends series A to $9.6m in Wavemaker-backed round

Photo Credit: BayaniPay

Globally, a substantial number of overseas workers come from the Philippines, and remittances has long been big business in the country. According to Statista, the money sent home by Filipinos abroad made up 9.41% of the country’s gross domestic product in 2022.

This has led to a rising crop of fintech firms in the space. One example is BayaniPay, which provides zero-fee, express money transfers to the Philippines. The company has recently secured a US$3 million extension of its series A raise, bumping up the round to US$9.6 million in total.

The extension was led by investors Wavemaker Partners, PTGB, and Talino Venture Studios – all three of which had also injected the original series A funds.

Based in Manila and Los Angeles, BayaniPay offers digital banking and remittance services, primarily targeting the Filipino-American community. It operates as a neobank, meaning it partners with traditional banks to provide its services.

The firm aims to process US$200 million in payments by the end of 2024. As part of its growth strategy, the company also plans to launch Bayani GlobalPay, which will integrate its specialized payment platform, GlobalPay, with its comprehensive payment portal, GlobalPay Express.

“For years, we have been providing cross-border financial services to Filipino-American communities in the US,” said BayaniPay CEO Winston Damarillo. “Now is the perfect time for BayaniPay to unlock the infinite potential of international payments and provide accessible and affordable global financial services to Filipinos in every continent.”

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