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Financial technology startup BayaniPay is targeting to grow the amount of payments it processes by tenfold after it secured fresh funding to expand its services.At a press briefing in Makati City on Thursday, BayaniPay CEO Winston Damarillo announced that the startup raised $3 million in additional capital from venture capital investors Wavemaker Partners, PTGB, and Talino Venture Studios, bringing its total seed fund to $9.6 million.
This expansion marks a major milestone in our commitment to provide convenient, secure, and low-cost global payment services to Philippine institutions so that they can broaden their international reach and give their customers better ways to pay them,” said Damarillo.He said BayaniPay aims to augment the economic impact of cross-border direct payments by making them frictionless and cost-effective, which helps Filipinos overseas save on fees and add more pesos to every dollar they send.
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