BayaniPay, a neobank serving the immigrant community, announced that it has raised USD 3 million in a seed funding round led by Wavemaker Partners, along with participation from PTGB and Talino Venture Studios. This brings BayaniPay's total seed funding to USD 9.6 million.
BayaniPay plans to use the fresh funds to expand its global payment solutions for enterprises, enabling Filipino customers abroad to directly pay billers in the Philippines.
BayaniPay, which currently has 25,000 customers, mainly targets overseas Filipino workers and migrants in the US. With a presence in states like California, Hawaii, New Jersey, and Alaska, the company plans to expand its reach to other destinations, including Illinois, Nevada, New York, and Washington. In addition, it aims to process USD 200 million in total payments this year, a 10x increase from 2023.
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