- Philippine remittance startup BayaniPay raises $3M, extending Series A to $9.6M.
- The neobank targets Filipino-Americans, aims to process $200M by 2024.
- BayaniPay plans to launch GlobalPay, unlocking international payment potential.
Neobanking like a boss
BayaniPay, a Philippine remittance startup offering zero-fee, express money transfers, has secured a $3 million extension to its series A raise.
The additional funding, led by Wavemaker Partners, PTGB, and Talino Venture Studios, brings the total series A round to $9.6 million.
BayaniPay operates as a neobank, partnering with traditional banks to provide digital banking and remittance services.
The company targets the Filipino-American community and aims to process $200 million in payments by the end of 2024.
GlobalPay takes on the world
BayaniPay plans to launch Bayani GlobalPay, integrating its specialized payment platform, GlobalPay, with its comprehensive payment portal, GlobalPay Express.
CEO Winston Damarillo is ready to “unlock the infinite potential of international payments.” The Philippines has a substantial number of overseas workers, and remittances account for a significant portion of the country’s GDP.
BayaniPay’s focus on this market and ambitious growth plans position the startup to capitalize on the growing demand for digital remittance services.
To read the original article: https://www.techinasia.com/philippine-remittance-startup-extends-series-a-to-9-6m-in-wavemaker-backed-round
