FINANCIAL technology (fintech) company BayaniPay is confident of broadening its global payments capabilities and reach after raising $3 million in fresh funding, bringing its total seed fund to $9.6 million.
"This expansion marks a major milestone in our commitment to provide convenient, secure, and low-cost global payment services to Philippine institutions, so that they can broaden their international reach and give their customers better ways to pay them," BayaniPay CEO Winston Damarillo told reporters on Thursday.
With the new capital, BayaniPay would be able to expand its bill payment services to accept payments from any country worldwide and not just in the United States, aiming to reach $200 million in payments processed by the end of 2024.
The fresh funding came from venture capital investors Wavemaker Partners, PTGB, and Talino Venture Studios, which had previously invested $6.6 million in the fintech startup.
Eric Manlunas, founder and managing partner of Wavemaker, noted that cross-border direct payments were a natural evolution of remittances, even as he welcomed the advancement of financial technology that enabled individuals to pay institutions directly.
"We are excited to support the financing of BayaniPay to fuel its growth on a massive scale," he said.
BayaniPay aims to enhance the economic impact of cross-border direct payments by making the process seamless and affordable, benefiting Filipinos abroad by reducing fees and increasing the value of their remittances.
In 2023, remittances accounted for approximately 8.5 percent of the country's gross domestic product.
Damarillo raised the possibility that the central bank's 3.0 percent growth target for remittances from overseas Filipino workers (OFWs) could be surpassed this year.
"I think the remittance in the Philippines is actually healthy, and I think it's going to continue to grow," he said.
"We also empower them (OFWs) to directly invest in real estate, education, and to help provide health safety nets by buying insurance for their loved ones back home," he added.
This month, the fintech company plans to launch Bayani GlobalPay, a banking service integrated to help businesses and major billers efficiently serve customers worldwide.
The service includes two embedded banking solutions: GlobalPay, a customizable payment platform for non-financial institutions; and GlobalPay Express, a comprehensive payment portal for managing payments.
Institutions can select the solution that best fits their specific needs and requirements.
BayaniPay Chief Commercial Officer Dindo Marzan said that local enterprises catering to Filipinos, including property builders, insurance firms, hospitals, retailers and schools, now have the capability to conduct global business efficiently and affordably through their payment platform.
"More importantly, their customers enjoy the benefits of choosing the most cost-effective and convenient way to pay for such products or services," he added.
Marzan said that BayaniPay's current partners, including real estate companies like SM Development Corp., DMCI, and Landco, would be among the initial collaborators in Bayani GlobalPay.
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