GLOBAL PAYMENT solution platform BayaniPay targets to bring its presence to Canada after expanding its seed funding to $6.6 million, its top official said.
“We’ll follow where the Filipino money is. Next, we will be in Canada,” BayaniPay Chief Executive Officer Winston L. Damarillo said during a press briefing on Wednesday.
The company said it was able to secure an additional $2.1 million in a funding round with existing investors. It earlier secured about $4.5 million in seed funding, allowing it to enhance its product features and expand to new territories. Its existing investors are Talino Ventures and PTGB, the company said in a media release.
BayaniPay said that with the additional funding, it intends to bankroll new projects such as developing a rewards system and expanding in North America where a huge Filipino population resides.
The platform has reached about P100 million worth of transaction value per month, marking a significant increase from the monthly average of P30.64 million recorded last year.
“We are on track to meet this milestone, as we continue to acquire more customers each month. The demand for BayaniPay continues to grow as more and more Filipinos see the value and benefit of convenience while allowing them to enjoy zero fees and competitive foreign exchange rates,” Mr. Damarillo said.
The financial technology or fintech company aims to reach about P1 billion in total transaction value this year, Mr. Damarillo said.
“We aim to sustain this momentum and explore new territories. Our commitment towards improving and growing our platform is driven by the desire to make the lives of Filipinos easier, wherever they may be found,” he said.
To date, BayaniPay caters only to customers in California, Hawaii, New Jersey, and Alaska through remittance and direct payments to service providers in the country.
Based in Los Angeles, BayaniPay is a collaboration among Talino Ventures, The Asian Journal, East West Bank, and Wavemaker Partners. — Ashley Erika O. Jose