PayMongo provides a payments platform (PayMongo API and e-commerce plugins) that lets merchants accept credit cards, online wallets, and over-the-counter payments. It targets micro-, small- and medium-sized businesses as well as high-growth startups. The company is expanding its product set to include disbursements, capital lending, buy-now-pay-later (BNPL), and subscriptions/recurring payments, and is testing several new products in beta with merchants. Part of its roadmap is securing additional licenses to operate more financial services. PayMongo plans to more than double its team to support growing demand and to pursue initial regional expansion in Southeast Asia. Founded in 2019 and based in the Philippines, the company has raised nearly $46 million to date. PayMongo offers an online payments API and tools—including PayMongo Links and fraud/risk detection—that let Filipino businesses accept cards and digital wallets like GrabPay and GCash. The company partners with financial institutions and provides a fully online onboarding process to speed merchant approval and payouts. PayMongo launched in June 2019 and was the first Filipino-owned fintech to join Y Combinator. Since launch it has processed almost $20 million in payments and has grown an average of 60% since the start of the year. It has raised nearly $15 million in total funding to date and plans to expand payment options, add invoicing and marketplace features, support subscriptions, speed up payout cycles, deepen partnerships with financial service providers, improve fraud detection, and pursue additional central bank licenses. PayMongo offers a payments API and customizable payment links designed to make online payments easy for merchants and micro-entrepreneurs in the Philippines. Its platform supports credit cards, popular e-wallets like GCash and PayMaya, and cash‑at‑store payment methods to address low card penetration. The product targets sellers who operate via social media and messaging apps by enabling quick setup and shareable payment links. Since launching in June, more than 1,000 businesses have started using PayMongo and its total transaction value processed is growing roughly 117% week over week. The company says it has partnered with several financial institutions and emphasizes a user‑friendly integration that can be set up in minutes. PayMongo plans to focus on becoming the largest payment service provider in the Philippines before expanding to other Southeast Asian markets.

Total raised

$46M

Funding rounds

3

Latest round

Series B

Latest activity

Feb 2022