PayMongo is a payment gateway that allows businesses to easily accept online payments from their customers online via credit card, e-wallets and over-the-counter.
PayMongo's mission is to become the invisible engine of commerce that gives everyone the opportunity to participate and succeed in the rapidly transforming digital economy.
PayMongo was co-founded in 2019 by Francis Plaza, Edwin Lacierda, Jaime Hing III, and Luis Sia. The company is headquartered in Taguig, Metro Manila, Philippines.
PayMongo offers an online payments API for businesses in the Philippines, was the first Filipino-owned financial tech startup to take part in Y Combinator’s accelerator program.
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.
PayMongo offers PayMongo Links, which buyers can click on to send money. It is designed for social commerce sellers and other people who sell mostly through messaging apps. PayMongo’s platform also includes features like a fraud and risk detection system.
PayMongo also plans to add more partnerships with financial service providers, improve its fraud and risk detection systems and secure more licenses from the central bank so it can start working on other types of financial products.
PayMongo is backed by JAM Fund, Global Founders Capital, Bedrock Capital, Y Combinator, SOMA Capital, ICCP-SBI Venture Partners, Kaya Founders, and others. The company raised $31M in Series B round on Feb 21, 2022. This brings PayMongo's total funding to $45.7M to date.