Global payments solution platform BayaniPay has raised an additional $2.1-million funding to support its expansion in the United States, Europe and the Middle East.
BayaniPay has expanded its seed round funding from existing investors Talino Ventures and PTGB that led for an additional funding round of $2.1 million, bringing the total seed round to $6.6 million to date.
“We are grateful to our existing investors for providing BayaniPay additional funding, which will help us further expand our services and reach more overseas Filipinos in other parts of the world,” Winston Damarillo, BayaniPay chief executive officer, told reporters in a press briefing.
In the first semester of 2023, BayaniPay was able to grow its average transaction value to over P100 million per month, a huge jump from only P30.64 million in average transactions last year, attributed to the strong demand for cross-border payment solutions, including remittances as well as bills payments.
For this year, Damarillo said the company targets to reach P1 billion in total transaction value from P300 million last year and it expects to sustain the growth next year.
“We are on track to meet this milestone, as we continue to acquire more customers each month. The demand for BayaniPay continues to grow as more and more Filipinos see the value and benefit of convenience, while allowing them to enjoy zero fees and competitive foreign exchange rates,” Damarillo said.
With the additional funding, BayaniPay intends to bankroll new projects, such as the development of a rewards system and expansion in Canada by early next year to tap huge Filipino markets.
BayaniPay also intends to expand its services in Europe, Middle East and four additional states in the US.
“We aim to sustain this momentum and explore new territories. Our commitment towards improving and growing our platform is driven by the desire to make the lives of Filipinos easier, wherever they may be found,” Damarillo said.
Currently, BayaniPay caters to customers in California, Hawaii, New Jersey and Alaska by allowing them to remit funds to their loved ones and make direct payments to service providers in the Philippines.
Its platform has features that give customers access to a digital checking account, a debit card that maximizes their spending power, zero fee remittance fees and market-leading forex rates.
Early this year, BayaniPay, in partnership with BDO Remit USA, launched its Buena Mano Rate program of $1 = P60 forex rate for its first-time remitters, which exponentially increased BayaniPay’s customer acquisition.
The Buena Mano Rate program is applicable up to $500 of every first remittance or first remittance in six months. This fourth quarter, it will introduce its loyalty program for active users which would grant them preferential high forex rates as incentives.
In the first six months of 2023, BayaniPay recorded a 36 percent growth in new users. It is also strengthening its partnership with other institutions to further expand its portfolio of services.
