PhiCommerce, API-first digital payments enablement platform has raised $10 million in a Series A1 round to fast-track international expansion and to widen its product portfolio, the company announced recently.
Jose Thattil, CEO and Co-founder, PhiCommerce said “We plan to utilise these funds over the next phase of our growth to roll out multiple new products that will continue to reduce friction in digital payments and will bring in increased efficiencies to the ecosystem at large. Following our success in the domestic market, we also will be expanding our services to other markets.”
Founded in 2015, PhiCommerce offers its services to businesses across online, in-store, and mobile channels. Its flagship platform, PayPhi, is an API-first solution that integrates with existing systems, enabling merchants and businesses to collect, process, and distribute payments.
Thattil is a veteran in the industry with over 20 years of experience in retail payments. Prior to founding Phi Commerce, he held senior positions at MasterCard, ElectraCard Services, and ICICI Bank.
“PhiCommerce has, through its omnichannel payment stack, successfully solved for complex payment requirements and demonstrated its prowess to process digital payments at scale in Indian market,” said Hero Choudhary, Managing Partner at BEENEXT.
BEENEXT is a Singapore-based VC firm investing in early-stage technology startups from India, Southeast Asia, Japan, and the United States. It has a portfolio of over 40 companies, including 9 unicorns.
The PhiCommerce funding round was led by Singapore-based venture capital firm BEENEXT, with participation from Opus Ventures.