FINANCIAL technology (fintech) start-up PayMongo launched its Accelerator Program to help entrepreneurs succeed online on the back of a burgeoning Internet economy that is projected to grow almost four times over the next four years.
This initiative provides tools needed to help micro, small, and medium enterprises (MSMEs) thrive in the increasingly competitive yet flourishing online business ecosystem.
According to the latest report of Google and Singapore’s Temasek Holdings, the Philippines is the fastest growing Internet economy in Southeast Asia, wherein businesses conducted through markets whose infrastructure is based on the world wide web were worth around $7.5 billion in 2020, and are expected to reach $28 billion by 2025. “That’s a phenomenal growth that I don’t think people will realize yet. So along with this growth comes so much opportunity for MSMEs to get started online, to accept payments online,” PayMongo Chief Growth Officer Luis Sia told reporters during their webinar.
“We’re very excited to launch the Accelerator Program because it brings us back to the heart of our purpose, why we do what we do. Through this program, we’re confident that we will be able to help a lot of small businesses grow and be competitive in emerging markets like the Philippines,” he added.
Such initiative is open only to businesses in the country that are either existing activated or not yet activated PayMongo merchants. Accepted applicants will be entitled to a two-month fee waiver across all payment channels, invites to exclusive webinars and content, as well as marketing support and features across all of PayMongo’s social-media platforms. Another benefit is access to the company’s several dozens of partners to help with all the aspects of online businesses—from financial discipline to software development and e-commerce fulfillment.
Among the businesses that have been featured in the online payments platform’s media channels are Iskaparate, an avenue for entrepreneurial mothers to showcase their products online from their home-based businesses; drybrush Gallery, a digital platform that helps Filipino artists survive and continue their passion during the pandemic; and Blanket Hugs, a thriving business owned by a young couple who proceeded to launch their business just as the pandemic was starting to shut everything down.
“I think over the next couple of years, there will be a lot of entrepreneurs who will need this type of help,” Sia said of their newly debuted project that is extendable until next year if proven successful. “We currently have over 7,000 active merchants, and almost all are in the MSME category. So, hopefully, with the Accelerator Program, we are able to get more of those types of businesses.”
Incepted in 2019, PayMongo is a business-to-business payments facilitator by founders Sia; Francis Plaza, chief executive officer; Edwin Lacierda; and Jaime Hing III, chief technology officer. This is the first Philippine fintech provider backed by some of the premier start-up accelerators in the world. Initially, it closed a $2.7 million seed round in September 2019.
A year after, it secured $12 million in Series A financing led by Stripe, a technology firm that builds economic infrastructure for the Internet, joined by Silicon Valley-based Y Combinator, Global Founders Capital, and Bedrock Capital. To date, the company has raised a total funding of $14.7 million.
PayMongo provides products and services that allow businesses of all sizes to receive payments on the Internet. The standard, easy-to-integrate PayMongo API accelerates Internet businesses by lowering integration time to a few lines of code, while the PayMongo Links product and e-commerce plugins power businesses without the need for development time. The firm’s payment platform delivers stress-free onboarding, a consistent checkout experience, and worry-free fraud detection systems.