BAYANIPAY, Inc. is looking to expand its presence and to help more Filipinos in the United States send money back home.
nancial technology company announced on Wednesday evening that it has raised $4.5 million in seed funding, mainly from East West Bank in Southern California, Wavemaker Partners, and Talino Venture Labs.
The fresh capital will help BayaniPay develop its platform as the company targets to expand its product lineup and broaden its reach into more geographies.cer Winston Damarillo said the fintech company targets to acquire about 20% of the global Filipino market in the next three years. “We expect exponential growth in 2023. Our goal is about 150,000 customers by year three and we think that’s easily achievable,” Mr. Damarillo said at a media brie“Our goal is to have 20% of the market, long term. We think it’s going to be three years from now, it could be quicker, and it could be a little bit less depending on how successful we are at customer acquisition,” he said.
Mr. Damarillo said BayaniPay currently has over 7,000 users, adding that demand for the platform has been increasing as migrant Filipinos
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