Stripe and PayPal’s Co Founder Backs PH-Based PayMongo’s US$2.3 Million Seed Round

Philippines’ fintech startup PayMongo recently announced that it has raised US$ 2.3 Million in its seed round.

PayMongo’s investments round sees participation from an impressive list of investors including Stripe, PayPal’s co-founder Peter Thiel, Tinder’s co-founder Justin Mateen, Y Combinator, Founders Fund, Global Founders Capital, Soma Capital, and other angel investors.

The Manila-based startup’s key focus is to simplify online payments, seemingly drawing inspiration from its investor, Stripe.

In a media statement, PayMongo said that they have onboarded over 1,000 business since their inception in June 2019 and they claim that they have seen transaction growth at an average of 116% week over week.

The fintech startup will be using the seed round for hiring, product development, business acquisition, and strategic partnerships.