This financing brings PayMongo’s total funding to just under USD 46 million. Its last support was a USD 12 million Series A announced in 2020 and led by Stripe. The new money will be used to further develop PayMongo’s current payments infrastructure and add more financial services, including disbursements, capital lending, BNPL, subscriptions, and recurring payments.
The company works with businesses of all sizes, but targets micro-, small- and medium-sized businesses in particular, enabling them to accept different forms of payments, including credit cards, online wallets, and over-the-counter. Its products include PayMongo API and ecommerce plugins. Part of PayMongo’s product roadmap includes acquiring new licenses that will allow it to operate more financial services. At the same time, the company is also exploring regional expansion.
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