News

BayaniPay expands services with USD 3 million funding boost

Friday 14 June 2024 15:15 CET | News

BayaniPay, a financial technology company, has raised USD 3 million in new funding, bringing its total seed fund to USD 9.6 million.

 

With this capital, BayaniPay plans to enhance its bill payment services to accept payments from any country, aiming to process USD 200 million in payments by the end of 2024. The funding was provided by venture capital investors Wavemaker Partners, PTGB, and Talino Venture Studios, which previously invested USD 6.6 million in the company.

BayaniPay intends to improve the efficiency and affordability of cross-border direct payments, benefiting Filipinos abroad by reducing fees and increasing the value of remittances. According to manilatimes.net, in 2023, remittances made up about 8.5% of the Philippines' GDP. The company aims to contribute to surpassing the central bank's 3.0% growth target for remittances from overseas Filipino workers (OFWs) this year. The fintech company also plans to launch Bayani GlobalPay, a banking service designed to help businesses and major billers serve customers globally.

 

BayaniPay, a financial technology company, has raised USD 3 million in new funding, bringing its total seed fund to USD 9.6 million.

 

A closer look at Bayani GlobalPay 

This service includes two Embedded Banking solutions: GlobalPay, a customisable payment platform for non-financial institutions, and GlobalPay Express, a comprehensive payment portal for managing payments. Institutions can choose the solution that best fits their needs.

BayaniPay's current partners, such as SM Development Corp., DMCI, and Landco, will be among the initial users of Bayani GlobalPay. This platform is expected to enable local enterprises, including property builders, insurance firms, hospitals, retailers, and schools, to conduct global business more efficiently and affordably.


More: Link


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: funding, investment, payments , fintech
Categories: Payments & Commerce
Companies: BayaniPay
Countries: Philippines
This article is part of category

Payments & Commerce

BayaniPay

|
Discover all the Company news on BayaniPay and other articles related to BayaniPay in The Paypers News, Reports, and insights on the payments and fintech industry: