Tinder co-founder’s fund joins $31m round of PHL payments firm

PayMongo, an online payments firm based in the Philippines, has raised US$31 million in a series B round from JAM Fund, the VC firm of Tinder co-founder Justin Mateen, and local investors such as ICCP-SBI Venture Partners and Kaya Founders.

Paymongo’s founders (from left): CTO Jaime Hing III, CEO Francis Plaza, and chief commercial officer Luis Sia / Photo credit: Paymongo

PayMongo was founded by Francis Plaza, Jaime Hing III, and Luis Sia in 2019. The B2B fintech company lets online businesses accept different payment options, from credit cards and e-wallets to over-the-counter transactions. Apart from featuring easy-to-install APIs and plugins, it also offers website-less digital checkout for customers.

The fresh funds will be used to boost PayMongo’s payment infrastructure. The company is also planning to add more services such as disbursements, capital lending, subscriptions, recurring payments, and buy now, pay later.

The digital payments market in the Philippines is expected to reach US$19.8 billion by end of 2022, according to a Statista report.

With the latest round, PayMongo’s total funding is just under US$46 million to date. It received US$12 million in a series A round in September 2020 and raised US$2.7 million in seed money a year earlier.

See also: YC-backed startup wants to do Stripe for Southeast Asia

Other investors in this round include:

• Global Founders Capital
• SOMA Capital
• Founders of
  • Qonto
  • Viva Wallet
  • Billie
  • Scalable