BayaniPay, a Filipino-led global payments process automation company, is expanding its services and market reach after receiving fresh capital of $3 million from lead investors Wavemaker Partners, PTGB, and Talino Ventures, which had previously provided BayaniPay with a seed fund of $6.6 million.
To achieve a global presence, the company has launched BayaniGlobal Pay, leveraging the growing adoption of embedded finance. This new service is a white-label solution that offers non-financial institutions a custom payment platform. Also, BayaniPay has introduced GlobalPay Express, an all-in-one payment portal designed for payment management.
Regarding market expansion, Winston Damarillo, CEO of BayaniPay, said that they are focusing on the Asean region, as countries like Indonesia, Malaysia, Singapore, and Thailand have diasporas similar to that of the Philippines.
“This expansion marks a major milestone in our commitment to provide convenient, secure, and low-cost global payment services to Philippine institutions,” Damarillo said. “They can now broaden their international reach and offer their customers better ways to pay them.”
BayaniPay, a digital remittance service, was established to assist Filipinos working and living overseas. Having solidified its remittance business, the company is now exploring cross-border payment services, which are increasingly utilized in B2B transactions.
Damarillo also noted that as the business expands, investments will be directed toward additional human resources and enhancing cybersecurity, given that BayaniPay operates in the financial services sector, which is heavily targeted by cyberattacks.
BayaniPay aims to process $200 million in payments by the end of 2024. Currently, it serves 25,000 customers and processed $20 million in payments last year.
BayaniPay’s initial market is overseas Filipino workers and migrants in the United States.