BayaniPay secures $3 million funding for global expansion

MANILA, Philippines — Financial technology firm BayaniPay has raised $3 million in fresh capital as it aims to expand the scope and territory of its global payments capability, targeting to grow 10 fold this year.

The fintech firm’s lead investors, Wavemaker Partners, PTGB and Talino Venture Studios, provided the additional funding, which brought the total seed round of BayaniPay to $9.6 million to date.

The company previously raised $2.1 million and $4.5 million in funding, enabling BayaniPay to improve its bills pay service to accommodate payments not just from the US but from any country around the world.

“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,” BayaniPay CEO Winston Damarillo said.

According to the fintech company, it will start expanding its services across the globe with the fresh funding, targeting to end 2024 with $200 million in payments processed.

Eric Manlunas, founder and managing partner of Wavemaker Partners, said cross-border transactions are a natural need for remittances, which continue to sustain and boost the Philippine economy.

“We welcome the ability of financial technology to mature and provide the capability for individuals to pay institutions more directly,” he said.

“We are excited to support the financing of BayaniPay to fuel its growth on a massive scale and to have more use cases that advance the future of payments for the benefit of all.”

Damarillo also noted that BayaniPay aims to empower OFWs to directly invest in real estate, education and insurance.

This June, BayaniPay will launch its Bayani GlobalPay, an embedded banking service to allow 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,” BayaniPay chief commercial officer Dindo Marzan said.

“But more importantly, their customers enjoy the benefits of choosing the most cost-effective and convenient way to pay for such products or services,” he said.

Marzan added that some of the largest real estate companies in the Philippines such as SMDC, DMCI and Landco will be among the first collaborators in Bayani GlobalPay.

Bayani GlobalPay will utilize payment gateways and payment automation technologies to reduce manual processes and provide seamless management and tracking of domestic and international payments.

“For years, we have been providing cross-border financial services to Filipino American communities in the US,” Damarillo said.

“Now is the perfect time for BayaniPay to unlock the infinite potential of international payments and provide accessible and affordable global financial services to Filipinos in every continent,” he added.