PayMongo

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PayMongo
Type of businessPrivate
Founded2019; 2 years ago (2019)
Headquarters
Bonifacio Global City, Taguig, Metro Manila
,
Philippines
Area servedPhilippines
Founder(s)
  • Francis Plaza
  • Jaime Hing
  • Luis Sia
  • Edwin Lacierda
CEOFrancis Plaza
IndustryPayment processor
SubsidiariesPayMongo Philippines, Inc.
Websitepaymongo.com
Current statusActive

PayMongo is an online payments technology company in the Philippines that offers individuals and businesses different products and services to receive payments over the Internet including APIs, payment plugins, and checkout forms. The company is licensed to operate as a payment service provider by the Bangko Sentral ng Pilipinas.[1] It is based in Taguig, Metro Manila, Philippines.[2]

History

PayMongo was founded in 2019 by software engineers and entrepreneurs Francis Plaza, Luis Sia, Jaime Hing III, and Edwin Lacierda, the presidential spokesperson to former Philippine President Benigno Aquino III.[3] In May 2019, PayMongo received its initial funding from Y Combinator, a start-up accelerator. The company was the first Philippine financial technology company to be funded by the accelerator.[2][4]

In September 2019, PayMongo received a $2.7 million seed investment from venture capitalists Peter Thiel, Founders Fund, and start-up unicorn Stripe.[5][6]

Growth

In January 2020, PayMongo announced its partnership with GCash to provide payment processing services for the e-wallet to thousands of businesses.[7]

In February 2020, the company partnered with DMCI Homes to offer cashless payments for residents to pay their monthly dues.[8]

Amid the 2019-20 coronavirus pandemic, PayMongo has seen a growth of four times in transaction volume driven by increased demand for online payments as businesses seek alternative solutions to continue operating while the enhanced community quarantine in Luzon is ongoing.[9]

Product overview

PayMongo provides the financial infrastructure for businesses to make and receive online payments by different payment methods including credit cards, bank payments through debit cards, e-wallet payments using GCash, GrabPay, and Coins.ph, as well as other alternative payment options.[10] PayMongo's online platform enables web developers to use the payment APIs to integrate payment processing directly into their websites or mobile applications. The company also provides products that require no additional software development such as payment links and Shopify plugin.[11]

In the media

     

References

  1. "List of OPS with Certificate of Registration (COR)" (PDF). Bangko Sentral ng Pilipinas. Retrieved May 10, 2020.
  2. 2.0 2.1 Abudheen, Sainul (July 18, 2019). "This 4-month-old Y Combinator startup wants to be the Stripe for the Philippines". e27.
  3. "Filipino payments platform PayMongo secures $2.7 million in seed funding". Rappler.
  4. Kaushik, Preetam. "Slow but steady gains: The saga of Filipino fintech in 2020". ASEAN Today.
  5. Shu, Catherine (September 25, 2019). "Manila-based payments processing startup PayMongo raises $2.7 million in seed funding". TechCrunch.
  6. "Stripe Teardown: How The $35B Payments Company Plans To Supercharge Online Retail". CB Insights.
  7. "GCash-PayMongo platform targets small businesses". Philippine Daily Inquirer.
  8. "DMCI Homes inks partnership with PayMongo for faster payments". Manila Bulletin.
  9. "Paymongo rides lockdown demand to grow transaction 4 times". ABS-CBNnews.com.
  10. Romero, Paolo. "MSMEs urged to set up online businesses". The Philippine Star.
  11. "Silicon Valley funder invests in first Pinoy fintech startup". The Philippine Star.

External links

This article "PayMongo" is from Wikipedia. The list of its authors can be seen in its historical. Articles taken from Draft Namespace on Wikipedia could be accessed on Wikipedia's Draft Namespace.