BayaniPay, a fintech company that provides global payments process automation, has announced raising $3 million more in its Series A funding round, bringing the total raised for the round to $9.6 million.
The funding boost came from Wavemaker Partners, PTGB, and Talino Ventures, which previously backed BayaniPay’s $6.6 million Seed fund, according to the announcement.
Based in Los Angeles and Manila, BayaniPay is a collaboration between Talino Venture Studios, The Asian Journal, EastWest Bank, and Wavemaker Partners. The startup said it is the authorized agent of BDO Unibank.
The startup said it will use the additional funding to boost its bill pay service to accommodate payments not just from the United States but also from other countries worldwide.
The global expansion will help achieve its goal of reaching $200 million in payments processed this year, per the announcement.
“This expansion marks a major milestone in our commitment to provide convenient, secure, and low-cost global payment services to Philippine institutions to broaden their international reach and give their customers better ways to pay,” said BayaniPay CEO Winston Damarillo.
As part of its global expansion plans, BayaniPay is set to launch Bayani GlobalPay, an embedded banking service that enables businesses and major billing entities to reach their global customers.
According to the announcement, Bayani GlobalPay will have two embedded banking solutions: GlobalPay, a white-label service that provides non-financial institutions with a custom payment platform, and GlobalPay Express, an all-in-one payment portal for payment management.
BayaniPay clarifies that it is not a bank but a fintech company and that the US banking products and services it promotes are offered through EastWest Bank.
BayaniPay’s funding comes as personal remittances in the Philippines reached $37.2 billion in 2023, according to the Philippine Institute for Development Studies. The amount accounted for 8.5% of the country’s gross domestic product.
Wavemaker Partners founder and managing partner Eric Manlunas said cross-border direct payments are a natural progression of remittance that continues to sustain and uplift the Philippine economy.
“We welcome the ability of financial technology to mature and provide the capability for individuals to pay institutions more directly. We are excited to support the financing of BayaniPay to fuel its growth on a massive scale,” Manlunas said.