Payment processing firm Phi Commerce has raised $4 million in its latest financing round. The Series-A funding round saw participation from Beenext, a Singapore-based VC firm and fintech focused early-stage investment firm, Yatra Angel Network.
Yatra Angel Network aims to foster entrepreneurship specifically in fintech domain i.e. payments, lending, insurance, wealth, inclusion and other fintech startups using disruptive technologies i.e. AI/ML/data analytics etc. YAN invest in pre-series A startups, on its own and co-invest with other investors as well.
“The need to eliminate friction in payments with 100% reliability is universal requirement across advanced as well as emerging economies and we are confident we will soon be replicating this success in global markets,” said chief executive officer and co-founder of Phi Commerce, Jose Thattil.
The digital payments firm plans to use the funds raised to strengthen its product offering, augment in existing markets and to introduce itself in new geographies.
Founded in 2015, Phi Commerce has created PayPhi, an omni-channel payment processing platform which processes digital payments at doorstep, online & in-store across variety of form factors such as cards, net-banking, UPI, Aadhaar, BharatQR, wallets, NEFT, RTGS, and NACH.
Phi Commerce’s PayPhi Digital Enablement suite has been developed with the aim of empowering very large untapped blue-ocean sectors dominated by offline payment modes such as cash & cheque to accept digital payments. Custom built enablers around PayPhi, help businesses create, present and process digital payments.
Partner at Beenext, Hero Choudhary, said – “India is probably the most complex payment market in the world with all sorts of payment form factors. The Phi Commerce team has built a remarkable product covering end-to-end omni-channel payments at scale.”
-AK
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.