BayaniPay, a payment solutions platform, has further expanded its seed round funding with the support of existing investors, propelling its momentum and reinforcing its position in the cross-border fintech firm.
Existing investors Talino Ventures and PTGB have spearheaded an additional funding round of $2.1 million, elevating BayaniPay’s total seed round funding to $6.6 million thus far.
BayaniPay had previously secured $4.5 million in seed funding, enabling it to enhance its product offerings and explore new markets.
“We have decided to extend our seed round to accommodate our faster-than-expected growth,” said Winston Damarillo, CEO of BayaniPay. “We express our gratitude to our existing investors for their additional funding, which will further facilitate the expansion of our services and reach more overseas Filipinos around the world.”
Monthly transaction value surpasses P100 million
In the first half of 2023, BayaniPay increased its average monthly transaction value to over P100 million, a significant leap from last year’s average of P30.64 million in transactions.
Damarillo attributed this growth to the strong demand for cross-border payment solutions, including remittances and bill payments.
With this achievement, BayaniPay is now aiming to reach a total transaction value of P1 billion by the end of the year.
“We are on track to achieve this milestone, as our customer base continues to expand each month. The demand for BayaniPay continues to surge as more Filipinos recognize the convenience and benefits it offers, along with zero fees and competitive foreign exchange rates,” Damarillo said.
Earlier this year, BayaniPay, in collaboration with BDO Remit USA, introduced its “Buena Mano Rate” program, offering a favorable $1 = P60 forex rate for first-time remitters, substantially boosting customer acquisition. The Buena Mano Rate program is applicable for up to $500 of every first remittance or the first remittance within six months. In the fourth quarter, the company plans to introduce a loyalty program for active users, providing them with preferential high forex rates as incentives.
In the first six months of 2023, BayaniPay recorded a remarkable 36-percent growth in new users and is actively strengthening its partnerships with other institutions to expand its range of services.
Expansion and new services
With the additional funding, BayaniPay intends to finance new projects, including the development of a rewards system and an expansion into North America, where a substantial Filipino population resides. In 2021, Filipino immigrants in Canada reached nearly one million, while those in the United States numbered around 2 million, constituting over 4 percent of the 45.3 million US immigrants.
“We are committed to sustaining this momentum and exploring new territories. Our dedication to enhancing and expanding our platform is driven by our desire to simplify the lives of Filipinos, regardless of where they are located,” emphasized Damarillo.
Currently, BayaniPay serves customers in California, Hawaii, New Jersey, and Alaska, enabling them to remit funds to their loved ones and make direct payments to service providers in the Philippines. The platform offers features such as access to a digital checking account, a debit card for maximizing spending power, zero-fee remittances, and industry-leading forex rates.
“Not only has BayaniPay created intuitive solutions to simplify Filipinos’ payment journeys and make them cost-effective, but we have also made significant contributions to solving the issues associated with existing remittance and bill payment methods for overseas Filipinos. In addition to benefiting our own customers, we aim to contribute to the overall economic growth of the Philippines by encouraging reinvestments in the country,” concluded Damarillo.