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Manila-based payments processing startup PayMongo raises $2.7 million in seed funding – TechCrunch

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Manila-based financial tech startup PayMongo has raised $2.7 million in seed funding to give merchants in the Philippines and other Southeast Asian markets simple ways to set up online payments. Investors included Founders Fund, Peter Thiel and Stripe, with participation from Y Combinator (PayMongo is the first Philippine fintech company it has funded), Global Founders Capital, Soma Capital, Tinder co-founder Justin Mateen and other angel investors.

PayMongo was launched in June by a founding team that includes CEO Francis Plaza, COO Edwin Lacierda, CTO Jamie Hing and chief growth officer Luis Sia. Since then, more than 1,000 businesses have started using its platform and the startup says its total transaction value processed is growing at an average of 117% week over week. PayMongo’s seed round will be used for hiring, product development, business acquisitions and strategic partnerships.

PayMongo founders

The startup will focus on the Philippines first, where the country’s central bank has set a target of increasing the rate of cashless payments to 20%. Plaza says PayMongo’s goal is to become the largest payment service provider in the country before expanding to other markets in Southeast Asia.

Prior to launching PayMongo, its team spent several years working on other projects. During that time, they realized payments were the hardest feature to integrate into products and services. Even though the Philippines’ Internet economy is growing quickly (a report from Google expects it to increase from $5 billion in 2018 to $21 billion by 2025) and more people are using e-commerce, online payments have lagged behind the rest of the world, Plaza says.

“When you want to launch something online for a payment gateway, you have to deal with banks and many different financial institutions. It takes months, we tried it ourselves, from negotiating rates to submitting paperwork. It takes a long time, and then in the end you are charged high fees,” he tells TechCrunch.

Even after businesses finish dealing with banks, they need to figure out payment gateways that are often difficult for people with little tech experience to start using.

PayMongo has already partnered with several financial institutions and its technology, including a payments API that Plaza says can be set up in minutes, is designed to be user friendly. Since many online merchants in the Philippines sell through social media platforms and messaging apps, like Facebook, Instagram, Viber and WhatsApp, PayMongo also provides customizable payment links that they can send to customers.

The credit card penetration rate in the Philippines is only about 6%, Plaza says, so PayMongo also supports e-wallets like GCash and PayMaya and services that allow people to pay for online purchases in cash at convenience stores. PayMongo’s products for micro-entrepreneurs, like freelancers and people who sell items through social media, help it differentiate from competitors like Paynamics, Dragonpay and PesoPay that typically focus on serving larger businesses (though Plaza says PayMongo has also been adopted by large retail chains).

In a statement, Y Combinator partner Kevin Hale said “At YC, we love companies who build services that empower startups. We believe PayMongo will provide the infrastructure that is needed for more Filipinos to become founders who are in charge of their own destiny.”



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The Real Reason The US Cancelled This Multi-Billion Dollar Helicopter Project

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Prior to UAVs like the MQ-1 Predator and MQ-9 Reaper capturing the public’s attention during the War on Terror, stealth aircraft were all the rage. Aircraft like the B2 Spirit showed the potential for stealth attack aircraft. The RAH-66 Comanche was supposed to follow that same trend. 

The Comanche was a joint venture by Sikorsky and Boeing and was originally intended to act as a reconnaissance aircraft and pinpoint targets of interest, according to Boeing. 

Looking like a PlayStation One render of a helicopter, the Comanche was designed to operate stealthily. Its angular body panels allowed it to fly into enemy territory virtually undetected. The Comanche was not designed to be a flying weapons platform like the AH-64 Apache, but it wasn’t a slouch either. It boasted a 20mm chin gun and the wing pylons could be equipped with air-to-air or air-to-ground missiles (via Hotcars).

With nearly 20 years of hindsight, it’s easy to see why the military favored drones over the stealth wizardry of the Comanche. But back then, a stealth helicopter was the future of warfare.  

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American Airlines New Supersonic Jets Could Slash Flight Times In Half

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Being built to travel at Mach 1.7, or about 1,304 miles per hour (when traveling over water), the Overture would get passengers to their destinations much faster than the average commercial flight. Though one of its primary trade-offs is capacity, as Boom says the jet can only manage between 65 to 80 passengers at a time. That’s roughly half of the commonly-used Airbus A320’s 140 to 170 passenger capacity or the 149 to 220 maximum seating of the Boeing 737 series. Though on paper the Overture does boast more range — up to 4,250 nautical miles — than either of its mass transit contemporaries.

A ride in an Overture aircraft should also be just as safe as today’s typical flights, with Boom on the hook to make sure the new plane meets the current industry standards. Additionally, the new models will also have to meet American’s own requirements even before it delivers its first plane.

If all goes according to plan, Boom should begin rolling out manufactured Overtures sometime in 2025. It expects to start carrying passengers by 2029. So far nothing has been said about the availability of Overture flights to American Airline customers once it has the planes in hand, nor anything about ticket pricing.

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The 5 Best Ways To Celebrate May The 4th: Star Wars Day

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While you’re perfectly welcome to head to your local LEGO retailer to pick up a set and snap it together, we’ve got another bit of a treat for you. Straight from yesterday’s Toys-R-Us “May The 4th Be With You” Star Wars LEGO event, here are the directions to the Wookie Gunship mini-build.

Above you’ll see the first half of the directions, below you’ll see the second. These pieces should be relatively easy to find – supposing you’ve got stacks of LEGO blocks handy to build with.

These sets weren’t sold – they were given away to the tiniest and newest fans of Star Wars, the kids! The next generation!

Below you’ll see a gallery provided by Toys-R-Us of the Star Wars event held at (most) Toys-R-Us locations across the United States.

Celebrate along with us by sharing your Star Wars Day experience right now!

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