Other investors in the round include Y Combinator, Global Founders Capital and Bedrock Capital.
The new capital comes less than a year after Paymongo disclosed it had raised $2.7 million in seed capital.
This brings the total invested in the finanfial tech startup to $14.7 million.
“The Series A funding builds on an exceptional first year for PayMongo. We’re thrilled to have amazing investors to support our mission of building the digital economic infrastructure in the Philippines,” said Francis Plaza, PayMongo CEO and co-founder.
The company intends to use the funds to beef up its services as well as its produxt, design and engineering teams to take advantage of the surge in digital payments amid the Covid-19 pandemic.
“We are committed to build the best payment experience for Filipino businesses,” Plaza added