SG-based VC backs Higala’s $2.8 million seed funding extension

Higala, an instant payments system connecting smaller financial institutions to electronic fund transfer services such as InstaPay, has extended its seed funding round to $2.8 million. The funding is led by Talino Venture Studios, a venture studio focused on sustainable innovation, and Singapore-based 1982 Ventures.

“This funding milestone will significantly strengthen Higala’s ecosystem, which now includes an instant payment system, a platform bank, and an extensive network of collaborators committed to enhancing financial system resilience and accelerating digital banking adoption,” said Winston Damarillo, CEO of Higala.

Higala provides digital payment infrastructure at a fraction of the cost typically required for banks, enabling smaller financial institutions to integrate InstaPay, the Philippines’ national real-time electronic fund transfer service.

Many rural banks and microfinance institutions (MFIs) have yet to be included in InstaPay due to technological and cost barriers. Higala’s platform, built on Mojaloop open-source software, lowers these barriers, making digital payment services more accessible.

The fresh funding will allow Higala to go beyond financial inclusion, helping smaller banks become more resilient amid rapid technological shifts.

Platform banking

Set to launch in the second quarter of this year, Higala’s platform banking will empower rural banks and financial institutions to offer digital payment services, providing a gateway to instant payment system participation.

This follows its partnership with Rizal Commercial Banking Corp. (RCBC) last year.

“This is the realization of BSP’s open finance roadmap, initially focusing on open payments use cases to make digital transactions more seamless and frictionless,” said Lito Villanueva, EVP and chief innovation and inclusion officer at RCBC.

SynerFi, an open payments platform designed to help rural banks and MFIs offer digital transactions through InstaPay, extending banking services to underserved communities and driving broader financial inclusion.

Publicly announced members of Higala’s network include 40 initial participants in RCBC’s SynerFi service and select rural banks from the RCBC ATMGo network.