Philippines-based PayMongo secures USD 12 mln Series A led by Stripe

PayMongo offers an online payments API for businesses based in the Philippines. The fintech startup took part in Y Combinator’s accelerator program. Y Combinator and Global Founders Capital, which is another previous investor, returned for the Series A, which also included participation from new backer BedRock Capital, according to TechCrunch.

PayMongo partners with financial institutions, and its products include a payments API that can be integrated into websites and apps, allowing them to accept payments from bank cards and digital wallets like GrabPay and GCash. For social commerce sellers and other people who sell mostly through messaging apps, the startup offers PayMongo Links, which buyers can click on to send money. PayMongo’s platform also includes features like a fraud and risk detection system.

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