Filipino online payments firm PayMongo has raised $12 million in a Series A funding round led by US giant Stripe and joined by Y Combinator, Global Founders Capital and Bedrock Capital.
Launched a little over a year ago, PayMongo provided a platform that makes it easy for merchants to get paid online.
The firm says it has seen transaction volumes soar since the Covid-19 pandemic hit, with thousands of firms signing up to its products and services as they seek to move online during lockdown.
The new funding will be used to roll out new products and build up PayMongo's product, design and engineering teams.
Noah Pepper, business lead, Apac, Stripe, says: "We’ve been impressed with the PayMongo team and the speed at which they’ve made digital payments more accessible for so many businesses across the Philippines.
"We fully support their vision to bring many more Filipino businesses online. Given the disruption caused by Covid-19, a service like theirs is simply vital for the country’s businesses and economic future."