The Philippine fintech scene just got a US$2 million shot in the arm. Kollab, a prominent technology solutions provider, has officially committed a Series A investment to Evolut10n Labs, Inc. (popularly known as PayRex), aiming to modernize the digital payment architecture for local enterprises.
The move comes as the Philippines cements its status as a “mobile-first” powerhouse in Southeast Asia. With a young, digitally fluent population driving demand for seamless e-payments, PayRex is positioning itself as the go-to infrastructure for businesses looking to move beyond simple digitization.
The PayMongo connection
While PayRex only launched in late 2023, its leadership carries significant industry weight.
Co-founders Jaime Hing and Edwin Lacierda are familiar faces in the local fintech circuit, having been part of the founding team at PayMongo, one of the country’s most successful fintech stories.
Their new venture, PayRex, is designed to be a more comprehensive, “end-to-end” solution. Since its debut, the platform has rapidly scaled, securing a Bangko Sentral ng Pilipinas (BSP) license and achieving full PCI DSS compliance — the gold standard for global cybersecurity in payments.
Scaling the “stack”
The US$2 million capital injection will be used to accelerate a pipeline of new services and expand the startup’s merchant footprint. PayRex’s current “stack” is built for versatility, supporting:
• Leading e-wallets: GCash and Maya
• Traditional rails: Credit and debit cards
• Modern integrations: QR Ph, Shopify, and Buy Now, Pay Later (BNPL) provider BillEase
• Operations: Automated billing, dedicated payment pages, and finance automation
Big-ticket backing
Kollab is not the only major player betting on PayRex.
The startup had already caught the attention of SM Investments, with subsidiaries such as SM Markets, The SM Store, and National University already using PayRex’s payment solutions.
Other notable clients include De La Salle–College of Saint Benilde, Wheyl Nutrition, and lifestyle brand Linya-Linya.
“Our platform is built to solve modern fintech needs by helping businesses simplify their operations and enhance the customer experience,” said Jaime Hing, PayRex Co-Founder and CEO. “We are confident that this Series A investment will help us build the future of payments in the Philippines.”
Fueling the digital shift
Photo shows (from left:) PayRex co-founders Edwin Lacierda and Jaime Hing, and Kollab co-founders Herald Uy and Cyra Uy seal a US$2 million
Series A investment in PayRex to bring modern, end-to-end payment solutions to more businesses in the Philippines.
For Kollab, the investment represents a strategic entry into the fintech utility space. Edwin Lacierda, PayRex Co-Founder and President, noted that the partnership is well-timed with the Philippines’ current economic trajectory.
“This partnership will help shape economic progress in the Philippines as more businesses accept digital payments,” Lacierda said. “As we enter this next chapter, we renew our commitment to helping local businesses achieve financial success.”
As the Philippines moves toward a “cash-lite” society by the end of the decade, the US$2 million backing of PayRex signals that the battle for the country’s payment rails is far from over — it is simply becoming more sophisticated.
