by Jan Michael Carpo, Reporter
The financial technology company BayaniPay, which plans to grow tenfold this year, has raised an additional US$3 million in cash to broaden the reach of its global payments capabilities.
With the additional funding from the fintech company’s principal investors, Wavemaker Partners, PTGB, and Talino Venture Studios, the entire seed round of BayaniPay has now been raised to US$9.6 million.
IMAGE CREDIT: https://www.bayanipay.com
Prior to this, the business raised US$2.1 million and US$4.5 million in funding, which allowed BayaniPay to enhance its bill-paying service and accept payments from anywhere in the world.
“We are appreciative of our investors’ ongoing faith in us,” stated Winston Damarillo, CEO of BayaniPay, in a press release. “This expansion represents a significant milestone in our commitment to provide Philippine institutions with easy, safe, and affordable global payment services so they can increase their international reach and offer their customers better ways to pay them.”
With the new capital, the fintech startup says it will begin offering its services all around the world and hopes to handle US$200 million in payments by the end of 2024.
Fintech Remittances continue to bolster and grow PH economy
Eric Manlunas, the founder and managing partner of Wavemaker Partners, stated that remittances, which are essential for cross-border transactions, continue to bolster and grow the Philippine economy.
“We commend the role of the fintech sector in advancing and enabling direct payments to institutions,” Manlunas said. “We are excited to support BayaniPay’s financing to accelerate its significant growth and to develop more use cases that enhance future payment processes for everyone’s benefit.”
For his part, Damarillo highlighted that BayaniPay aims to facilitate direct investments by OFWs in real estate, insurance, and education. Set to launch this June, BayaniPay’s Bayani GlobalPay is an embedded banking fintech service designed to help large billing entities and enterprises connect with clients worldwide.
BayaniPay Chief Commercial Officer Dindo Marzan further explained the importance of the new service, saying, “Any local enterprise that provides products or services to Filipinos, such as property developers, insurance companies, hospitals, retailers, and even schools, can now conduct global business thanks to a platform that allows them to receive payments at the lowest possible cost.”
He emphasized that the greatest benefit for their clients is the ability to pay for goods and services in the most convenient and economical way. Marzan further stated that Bayani GlobalPay’s initial partners would include some of the Philippines’ largest real estate firms, such as SMDC, DMCI, and Landco.
Bayani GlobalPay will utilize fintech serviecs such as payment gateways and payment automation technology to streamline manual processes, enabling smooth administration and tracking of both domestic and international payments.
“We have been providing cross-border financial services to Filipino American communities in the US for many years,” Damarillo said.
“This is the perfect time for BayaniPay to unlock the vast potential of international payments and offer Filipinos worldwide accessible and affordable global financial services,” he added.