GLOBAL PAYMENT solution platform BayaniPay is aiming to expand its services to at least four countries in the Southeast Asian region as it targets to lead the digital solution space in the Philippines by yearend, its top official said.
This comes after the company secured seed funding of $3 million, which will help boost its expansion and bankroll new services, BayaniPay Chief Executive Officer Winston L. Damarillo said during a press briefing on Thursday.
“We have to win the field. We are getting a lot of requests. Now, our mission this year is to lead the market here in the Philippines and we think we will get that before the end of the year,” Mr. Damarillo said.
The funding round included existing investors such as Wavemaker Partners, PTGB, and Talino Venture Studios.
The company is planning to bring its services to Indonesia, Malaysia, Thailand and Singapore, Mr. Damarillo said, adding that the company is working to secure additional capital and partners in its target areas.
“We already started, in fact, part of my trips back to Asia now including Indonesia, Malaysia, Thailand, and Singapore, is that we’re actually starting that now. What we’re seeking, in addition to capital, are partners in those local areas,” he said.
Earlier, the three investors had also provided a total of $6.6 million in seed funding for BayaniPay, giving it additional capital to expand its bills payment service to accommodate global transactions.
With these newly secured funds, BayaniPay will also launch this month Bayani GlobalPay, which it described as an embedded banking service designed to enable businesses and major billing entities to efficiently reach their customers on a global scale.
“Bayani GlobalPay features two embedded banking solutions: GlobalPay, a white-label service that provides nonfinancial institutions with a custom payment platform, and GlobalPay Express, an all-in-one payment portal for payment management. Institutions may choose between these two solutions based on their needs and requirements,” it said.
Based in Los Angeles, BayaniPay is a collaboration among Talino Ventures, The Asian Journal, EastWest Bank, and Wavemaker Partners. — Ashley Erika O. Jose
