Payment solutions company PayGlocal has raised $12 million in its Series B funding round from Tiger Global, with participation from existing investors Sequoia Capital India and BEENEXT.
PayGlocal’s board passed a special resolution, in which it allotted 16,510 Series B compulsory cumulative preference shares at an issue price of Rs 56,315.73 per share to raise $12 million.
Tiger Global invested $6 million, Sequoia and BEENEXT $4.28 million and $1.11 million, respectively, in this round.
QED Innovation along with other investors like Amrish Rau, Sweta Rau, Jitendra Gupta, and Ruby Jain collectively invested $0.6 million (Rs 5.1 crore) in this funding round.
The Bengaluru-based PayGlocal was founded in 2021 by ex-Visa executives Prachi Dharani, Rohit Sukhija, and Yogesh Lokhande, It enables merchants to accept and collect payments from global customers in the currency of their choice and using their own credit and debit cards.
The fintech company has partnered with private and public sector banks to accept international payments in over 100 currencies.
In December 2021, it had raised $4.9 million in Series A funding round from Sequoia Capital, along with participation from other investors such as BeeNext, Jitendra Gupta, and Amrish Rau.
A PwC report said that since 2016, India’s cross-border remittances have been growing steadily at a CAGR (compound annual growth rate) of 8 per cent, driven by global mobility of goods and services, international travel and growth in the international workforce. With approximately $83 billion, India is the largest global market for inward remittance flows, followed by China and Mexico.
Fintech companies are taking advantage of the technology and occupying the white space in cross-border payments, which has been removed from the legacy model.
The theme of the second cohort of the Reserve Bank of India’s regulatory sandbox framework was how fintechs can solve today’s problems with cross-border payments.
PayGlocal is a FinTech solution for global payments acceptance. Their tech stack is used by merchants and aggregators to securely process payments from around the world for high approval rates with low risk.
PayGlocal offers end-to-end payment processing, risk management and a global stack for accepting payments.
The founders of PayGlocal are ex-Visa professionals who have worked extensively in the merchant and acquirer space and understand that the cross-border payment funnel needs to be handled differently for appropriate experience to the end customers with low-risk exposure of a transaction.