BayaniPay, a global payments process automation company, has secured an additional USD3 million in funding to fuel the expansion of its global payments capabilities, putting them on track for a tenfold increase in growth this year.
The new capital infusion comes on top of the USD6.6 million in seed funding previously secured from lead investors Wavemaker Partners, PTGB, and Talino Venture Studios.
“We are grateful for the continued trust of our investors. 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,” Winston Damarillo, BayaniPay chief executive, said.
With the fresh funds, BayaniPay will start expanding its services across the globe, allowing it to achieve its goal of capping 2024 with USD200 million in payments processed.
Eric Manlunas, founder and managing partner of Wavemaker Partners, said cross-border direct payments is a natural progression of remittance that continues to sustain and uplift the Philippine economy.
“We welcome the ability of financial technology to mature and provide the capability for individuals to pay institutions more directly. We are excited to support the financing of BayaniPay to fuel its growth on a massive scale and to have more use cases that advance the future of payments for the benefit of all,” he said.
According to the Philippine Institute for Development Studies, personal remittances totalling $37.2 billion accounted for 8.5 percent of the Philippine GDP in 2023.
BayaniPay aims to augment the economic impact of cross-border direct payments by making it frictionless and cost-effective, which helps Filipinos overseas save on fees and add more pesos to every dollar they send.
“We also empower them to directly invest in real estate, education, and to help provide health safety nets by buying insurance for their loved ones back home,” said Damarillo.
This month, BayaniPay will launch Bayani GlobalPay, 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 non-financial 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.
“Any local enterprise that provides products or services to Filipinos, such as property builders, insurance companies, hospitals, retailers, and schools can do business globally because they have a platform to get paid at the lowest possible cost. But more importantly, their customers enjoy the benefits of choosing the most cost-effective and convenient way to pay for such products or services,” Dindo Marzan, BayaniPay chief commercial officer, said.
“BayaniPay’s existing partners – some of the largest real estate companies in the Philippines, namely SMDC, DMCI, and Landco will be among the first collaborators in Bayani GlobalPay,” Marzan said.
In addition to its lower service fees, Bayani GlobalPay utilizes payment gateways and payment automation technologies to reduce manual processes and provide seamless management and tracking of domestic and international payments.
Bayani GlobalPay’s payment methods include debit and credit cards, e-wallet, direct debit, as well as QRPH, which eliminates the need for a bank account to be able to pay or send money.
“For years, we have been providing cross-border financial services to Filipino-American communities in the U.S. Now is the perfect time for BayaniPay to unlock the infinite potential of international payments and provide accessible and affordable global financial services to Filipinos in every continent,” Damarillo said.
