The Philippines-based online payment platform PayMongo has bagged $12m in a Series A funding round led by Stripe.

Existing investors Y Combinator, Global Founders Capital, and a new investor Bedrock Capital joined Stripe in the fundraising.

The latest funding round brings the total amount raised by the payments company to a tad below $15m.

Launched in June 2019, PayMongo is said to be one of the biggest fintech startups in the country, offering online payments API for businesses.

PayMongo CEO and co-founder Francis Plaza said: “The Series A funding builds on an exceptional first year for PayMongo. We are thrilled to have amazing investors to support our mission of building the digital economic infrastructure in the Philippines.”

PayMongo will use the fresh capital to speed up the launch of new products and features. It will also use the funds to boost its engineering teams.

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The payment processing startup aims to create the best payment experience for Filipino businesses.

Plaza said that PayMongo’s transaction volume increased 15-fold this year, representing a 42% growth between January and April.

By April, thousands of Filipino businesses have signed up for their products and services. This includes small entrepreneurs, restaurants, and fast-food chains.

The company’s payment platform enabled businesses to transition to online payments acceptance of credit and debit cards, and e-wallets like GrabPay and GCash.

PayMongo’s platform is equipped with fraud detection systems. It delivers consistent checkout and easy onboarding experience.

The startup also offers PayMongo Links, an e-commerce plugin that buyers can click on to send money.

In a statement, Stripe APAC business lead Noah Pepper said: “We have been impressed with the PayMongo team and the speed at which they have made digital payments more accessible for so many businesses across the Philippines.

“We fully support their vision to bring many more Filipino businesses online.”