Higala, a trailblazer in inclusive instant payment solutions in the Philippines, has secured an additional $2.8 million in seed funds to support the launch of its platform banking technology. The funding round was led by 1982 Ventures, a Singapore-based venture capital firm specializing in Southeast Asian fintech, with participation from Talino Venture Studios.
The funding will allow Higala to continue enhancing the country’s financial ecosystem, specifically targeting smaller banks and financial institutions. The launch of platform banking will enable these institutions to offer digital payment solutions, providing a vital gateway for their participation in instant payment systems.
Higala’s approach is aligned with its mission to improve financial inclusion across the Philippines by connecting rural, thrift, and commercial banks, as well as electronic money issuers, to a comprehensive payment network. Since its inception last year, Higala has significantly lowered the cost of real-time payments, expanded its reach, and reduced entry barriers for smaller financial entities.
Scott Krivokopich, managing partner at 1982 Ventures, expressed confidence in Higala’s potential, saying, “Higala’s innovative approach to inclusive instant payments is directly aligned with our vision of using fintech to change lives. Winston Damarillo and Vice Catudio are an incredible team with a proven track record in building core payments infrastructure, and we are proud to partner with them in launching a modern payments rail that will make the Philippines’ five billion monthly transactions faster, cheaper, and more accessible.”
The platform banking solution, set for launch in the second quarter this year, will empower even small banks to deliver digital payment services, further accelerating the adoption of digital banking in the Philippines. Higala’s network already includes significant players, such as Rizal Commercial Banking Corporation (RCBC), which has partnered with the company to provide core technology to SynerFi, an open payments platform that enhances access to digital payments for smaller financial institutions.
“This funding milestone will greatly benefit our robust ecosystem, which includes an instant payment system, a platform bank, and an extensive network of collaborators committed to enhancing financial system resilience and accelerating the adoption of digital banking,” said Winston Damarillo, Higala CEO.
Several rural banks and financial institutions have already joined Higala’s network, including select participants from RCBC’s SynerFi service and the RCBC ATMGo network. Some of the newly onboarded members include Rizal Microbank, Guagua Rural Bank, SNR Rural Bank, Lagawe Highlands Rural Bank, and many others.
Higala continues to build on its partnerships with organizations like RCBC, Xendit, FinTech Alliance PH, and the Rural Bankers Association of the Philippines. Powered by Mojaloop technology—an open-source instant payment system supported by the Bill & Melinda Gates Foundation—Higala is committed to advancing financial inclusion and promoting the interoperability of underserved financial institutions across the Philippines.
As the platform expands and gains traction, Higala’s mission to provide faster, cheaper, and more accessible payment solutions for all sectors of the Philippine economy takes another significant step forward.
