Fintech startup BayaniPay eyes $200M in payments processed in 2024

Financial technology (fintech) 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.

Damarillo said that with the financial boost, BayaniPay will expand its payment services not only in the United States but across the globe.

Further expansion, he said, will enable the fintech firm to hit its target of “$200 million in payments processed” this year, 10 times more than last year’s $20 million worth of payments processed.

“We are grateful for the continued trust of our investors. 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.

“We also empower them to directly invest in real estate, education, and to help provide health safety nets by buying insurance for their loved ones back home,” said Damarillo.

The BayaniPay CEO also announced that the fintech firm will launch Bayani GlobalPay, an embedded banking service designed to enable businesses and major billing entities to reach their customers on a global scale.

“Any local enterprise that provides products or services to Filipinos, such as property builders, insurance companies, hospitals, retailers, and schools, can do business globally because they have a platform to get paid at the lowest possible cost. But more importantly, their customers enjoy the benefits of choosing the most cost-effective and convenient way to pay for such products or services,” said BayaniPay chief commercial officer Dindo Marzan. —VBL, GMA Integrated News