BayaniPay, a global payments solution platform, has expanded its seed round funding from existing investors, as it increases its momentum and boosts its performance to cement its status as the powerhouse cross-border fintech company.

Existing investors, Talino Ventures and PTGB, led the additional funding round of $2.1 million, bringing the total seed round of BayaniPay to $6.6 million to date. 

BayaniPay previously raised $4.5 million in seed funding, allowing it to scale its product features and explore new territories.

"We decided to expand our seed round to support our faster-than-anticipated growth. We are grateful to our existing investors for providing BayaniPay additional funding, which will help us further expand our services and reach more overseas Filipinos in other parts of the world," BayaniPay CEO Winston Damarillo said. 

Transaction value grows to P100M monthly

In the first semester of 2023, BayaniPay was able to grow its average transaction value to over P100 million per month, a huge jump from only P30.64 million in average transactions last year.

Damarillo attributed this to the strong demand for cross-border payment solutions, including remittances as well as bills payments. 

With this development, BayaniPay targets to reach P1 billion in total transaction value this year.

"We are on track to meet this milestone, as we continue to acquire more customers each month. The demand for BayaniPay continues to grow as more and more Filipinos see the value and benefit of convenience, while allowing them to enjoy zero fees and competitive foreign exchange rates," Damarillo said. 

Early this year, BayaniPay, in partnership with BDO Remit USA, launched its Buena Mano Rate program of $1 = P60 forex rate for its first-time remitters, which exponentially increased BayaniPay's customer acquisition. The Buena Mano Rate program is applicable up to $500 of every first remittance or first remittance in six months. This fourth quarter, it will introduce its loyalty program for active users, which would grant them preferential high forex rates as incentives.

In the first six months of 2023, BayaniPay recorded a 36-percent growth in new users. It is also strengthening its partnerships with other institutions to further expand its portfolio of services. 

Expansion, new services 

With the additional funding, BayaniPay intends to bankroll new projects, such as the development of a rewards system and planned expansion in North America, where a huge population of Filipinos resides. In 2021, Filipino immigrants in Canada recorded a population of almost one million, while Filipino immigrants in the United States numbered around 2 million, comprising more than 4 percent out of over 45.3 million US immigrants.

"We aim to sustain this momentum and explore new territories. Our commitment towards improving and growing our platform is driven by the desire to make the lives of Filipinos easier, wherever they may be found," Damarillo said. 

Currently, BayaniPay caters to customers in California, Hawaii, New Jersey and Alaska by allowing them to remit funds to their loved ones and make direct payments to service providers in the Philippines. Its platform is powered with features that allow customers to enjoy such as access to a digital checking account, a debit card that maximizes their spending power, zero fee remittance fees, and market-leading forex rates.

"Not only has BayaniPay created intuitive solutions to make Filipinos' payment journey a simple and cost-effective exercise, but we have also significantly contributed to solving the problems of existing remittance and bills payment methods for overseas Filipinos. Aside from benefiting our own customers, we also want to contribute to the overall economic growth of the Philippines by encouraging reinvestments in the Philippines," Damarillo said.