$3 Million Funding Fuels BayaniPay’s Global Payment Ambitions

BayaniPay, a Filipino-led global payments process automation company, has raised an additional USD 3 million in new funding, with this, its total seed fund has now come to USD 9.6 million. The fresh capital injection was led by Wavemaker Partners, PTGB, and Talino Ventures, who had previously contributed to the company’s initial seed fund of USD 6.6 million.

With the new funding, BayaniPay aims to expand the scope and reach of its global payments capabilities. The company plans to deploy new global payment solutions targeting enterprises this year, driving growth and enhancing its market presence.

BayaniPay CEO Winston Damarillo expressed gratitude for investors’ continued support and emphasized the company’s goal of providing convenient, secure, and low-cost global payment services. 

BayaniPay plans to enhance its bill payment services to accept payments from any country, aiming to process USD 200 million by the end of 2024. It will enable BayaniPay to improve the efficiency and affordability of cross-border payments, particularly benefiting Filipinos abroad by reducing fees and increasing remittance value.

To achieve a global presence, BayaniPay has launched Bayani GlobalPay, a banking service designed to help businesses and major billers serve customers worldwide. This service leverages the growing adoption of embedded finance, offering non-financial institutions a custom payment platform. Additionally, BayaniPay has introduced GlobalPay Express, an all-in-one payment portal designed for seamless payment management.

Focusing on the ASEAN region, BayaniPay aims to expand its services to countries with diasporas similar to the Philippines, such as Indonesia, Malaysia, Singapore, and Thailand. 

Eric Manlunas, founder and managing partner of Wavemaker Partners, highlighted the role of cross-border payments in the Philippine economy and expressed support for BayaniPay’s growth and the advancement of future payment systems.

Currently, BayaniPay serves 25,000 customers and processed $20 million in payments last year, to process $200 million in payments by the end of 2024. Initially targeting overseas Filipino workers and migrants in the United States, BayaniPay is broadening its reach to provide more inclusive and efficient services.

The payment methods include debit and credit cards, e-wallets, direct debit, and QRPH, eliminating the need for a bank account to pay or send money. Winston Damarillo emphasized that now is the opportune time for BayaniPay to unlock the potential of international payments and offer accessible and affordable global financial services to Filipinos worldwide.

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