SUMMARY
The funding round also saw participation from institutional investors such as BeeNext as well as angel investors such as Pinelabs’ Amrish Rau, Jupiter’s Jitendra Gupta, White Ventures’ Sweta Rau and CRED’s Kunal Shah
The startup will use the funding to scale up its existing merchant payments solutions and to launch new product solutions targeted at global clients
We look forward to expanding our current team of 50+ to 100+ by the end of this year: PayGlocal CEO
Cross-border payments solutions startup PayGlocal has raised $12 Mn as part of its Series B funding round led by marquee investors Tiger Global and Sequoia India.
The funding round also saw participation from institutional investors such as BeeNext as well as angel investors such as Pinelabs’ Amrish Rau, Jupiter’s Jitendra Gupta, White Ventures’ Sweta Rau and CRED’s Kunal Shah
The startup will use the funding to scale up its existing merchant cross-border payments solutions and to launch new product solutions targeted at global clients. The fresh infusion will also be used to unveil its business-to-business (B2B) vertical to add new clients to its user base
“We are very excited with the response we have gotten so far and are committed to making continued investments in people and products to turbocharge our growth. We look forward to expanding our current team of 50+ to 100+ by the end of this year,” PayGlocal chief executive officer (CEO) and cofounder Prachi Dharani said.
Founded in 2021 by Dharani, Rohit Sukhija, Yogesh Lokhande and Ruby Jain, PayGlocal is a technology-led platform that enables cross-border payments. It allows merchants to accept and collect payments from customers outside India in their local currency. The platform also claims to take care of processing requirements and transaction risk management.
The startup had last raised $4.9 Mn as part of its Series A funding round led by Sequoia India in December last year. It has so far raised $17 Mn in funding since its inception last year.
“Indian merchants are engaged in over $400 billion of exports every year. Accepting international cards is important for their business. PayGlocal has successfully solved for high success rates and fraud prevention for such cross-border transactions. We believe it will be able to cater to various segments of cross-border commerce over time”, Sequoia India managing director Ashish Agrawal
According to a BCG report, India’s digital payments market is expected to soar to $10 Tn by 2026. The report noted that the surge in the payments ecosystem would largely be led by merchant payments that will emerge as the biggest driver of this growth.
In March this year, digital payments startup Pine Labs raised $50 mn in funding from Vitruvian Partners, valuing it at just over $5 Bn. In June, fintech unicorn slice raised $50 Mn in Series C funding led by Tiger Global.
Another fintech player Innoviti also raised an undisclosed amount of fund in June this year from Alumni Ventures. Prior to that, mobile point of sale (mPoS) solution startup QueueBuster raised $8.16 Mn in Series A funding led by Chiratae Ventures, Omidyar Network India and Flourish Ventures
Earlier on June 17, the Reserve Bank of India (RBI) released its Payments Vision 2025 document that seeks to scale up the penetration of digital payments in the country by 2025.
