PayPal and Tinder’s Co-Founders, together with other venture capital firms Y Combinator, Global Founders Capital, and Soma Capital, have granted a total USD 2.7 million in seed funding to PayMongo, a Filipino fintech company which helps small entrepreneurs set up their own online payments systems.
Since its launch in June 2019, PayMongo has registered about 1,000 merchants and has seen 116% growth every week. The funding will be used for staff hiring, product development, business acquisitions and strategic partnerships. Before expanding to other Southeast Asian countries, the founders are focusing first to grow the business locally as the Philippines has seen a drastic increase in the adoption of technology in government and commercial financial transactions.
(Sources: International Business Times, Tech Crunch)