BayaniPay expands seed round to $6.6M
Summary
Grows monthly transaction value to over P100MBayaniPay, a global payments solution platform, has expanded its seed round funding from existing investors, as it increases its momentum and boosts its performance to cement its status as the powerhouse cross-border fintech company.Existing investors, Talino Ventures and PTGB, led the additional funding round of $2.1 million, bringing the total seed round of BayaniPay to $6.6 million to date.BayaniPay previously raised $4.5 million in seed funding, allowing it to scale its product features and explore new territories. The demand for BayaniPay continues to grow as more and more Filipinos see the value and benefit of convenience, while allowing them to enjoy zero fees and competitive foreign exchange rates," Damarillo said.Early this year, BayaniPay, in partnership with BDO Remit USA, launched its Buena Mano Rate program of $1 = P60 forex rate for its first-time remitters, which exponentially increased BayaniPays customer acquisition. It is also strengthening its partnerships with other institutions to further expand its portfolio of services.With the additional funding, BayaniPay intends to bankroll new projects, such as the development of a rewards system and planned expansion in North America, where a huge population of Filipinos resides. Our commitment towards improving and growing our platform is driven by the desire to make the lives of Filipinos easier, wherever they may be found," Damarillo said.Currently, BayaniPay caters to customers in California, Hawaii, New Jersey and Alaska by allowing them to remit funds to their loved ones and make direct payments to service providers in the Philippines. "Not only has BayaniPay created intuitive solutions to make Filipinos payment journey a simple and cost-effective exercise, but we have also significantly contributed to solving the problems of existing remittance and bills payment methods for overseas Filipinos.