Kollab, a digital transformation advisor in Southeast Asia, has invested $2 million in Series A funding in fintech startup Evolut10n Labs Inc., which operates under the name PayRex, to support the development of digital payment tools for local businesses.
The investment aims to help PayRex improve and expand its payment services as more Filipino consumers and businesses move toward digital transactions. PayRex focuses on making payments faster and easier for merchants, particularly small and medium enterprises.
“Here at PayRex, we empower businesses in the digital era,” said Jaime Hing, co-founder and CEO of PayRex. “Our platform is built to solve modern fintech needs to help businesses simplify their operations and enhance customer experience.”
PayRex was launched in late 2023 and provides online payment services that support credit and debit cards, GCash, Maya, and other payment options. It also offers tools for billing, finance automation, payment pages, and integrations with platforms such as Shopify, QR Ph, and Billease. The company said its systems follow global cybersecurity standards and are compliant with the Payment Card Industry Data Security Standard. PayRex is supervised by the Bangko Sentral ng Pilipinas (BSP).
The company was founded by Hing and Edwin Lacierda, who were also among the co-founders of PayMongo, another Philippine fintech firm.
Kollab’s funding will be used to develop new products and services already in PayRex’s pipeline. The company also plans to grow its merchant base nationwide and increase transaction volumes.
PayRex currently serves merchants from various industries, including De La Salle-College of Saint Benilde, Wheyl Nutrition, and Linya-Linya. Several subsidiaries of SM Investments, such as SM Markets, National University, and The SM Store, also use its payment solutions. SM Investments is an early investor in PayRex.
“It is truly exciting to be moving into the next phase of PayRex together with Kollab,” said Edwin Lacierda, president and co-founder of PayRex. “This partnership will help shape economic progress in the Philippines as more businesses accept digital payments. As we enter this next chapter, we renew our commitment to help local businesses achieve financial success.”