Cross-border payments startup PayGlocal has raised $12 million funding co-led by Tiger Global and Sequoia Capital India. The startup will utilise the funds to scale its business and launch new payment solutions.
BeeNext and angel investors like Pine Labs CEO Amrish Rau, Citrus Pay and Jupiter founder Jitendra Gupta, and Cred’s founder Kunal Shah also participated in the round.
Founded in 2021 by Prachi Dharani, Rohit Sukhija, Yogesh Lokhande and Ruby Jain, PayGlocal enables merchants to accept cross-border payments in the currency of their choice, using their cards or non-card payment options.
“We have observed remarkable growth within just 14 months of launch and received phenomenal feedback for our platform from merchants who are happy with the increase in international payments success rate and a reduction in the risk associated with the processing of cross-border transactions,” Dharani of PayGlocal said.
“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,” said Ashish Agrawal, MD, Sequoia India
“The current landscape of global payments involves a highly complex system riddled with various checkpoints and verifications at multiple levels, making it burdensome and costly for both individuals and financial institutions, the company said in a statement.
“As India becomes increasingly important to global commerce, there remains a significant need for innovation on cross-border payments. We believe PayGlocal’s platform will make it easier for millions of Indian businesses to reach customers globally,” said Alex Cook, Partner, Tiger Global.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.