PayGlocal has raised $12 million in a Series B funding round led by Tiger Global, with participation from Sequoia Capital India and BEENEXT.
PayGlocal is a FinTech solving for global payments acceptance. It’s tech stack is used by merchants and aggregators to securely process payments from around the world for high approval rates with low risk.
Founded in 2021 by ex-Visa executives Prachi Dharani, Rohit Sukhija, and Yogesh Lokhande, PayGlocal enables merchants to accept and collect payments from global customers in the currency of their choice and using their own credit and debit cards. The Bengaluru-based startup has partnered with private and public sector banks to accept international payments in over 100 currencies.
This is the startup’s second fundraise in the last six months. In December 2021, the fintech company had raised $4.9 million in a Series A funding round led by Sequoia Capital, along with investors including BEENEXT, Jitendra Gupta, and Amrish Rau.
While Tiger Global invested $6 million (Rs 46.3 crore), Sequoia and BEENEXT infused $4.28 million (Rs 33.01 crore) and $1.11 million (Rs 8.56 crore), respectively. QED Innovation along with angle investors—Amrish Rau, Sweta Rau, Jitendra Gupta, and Ruby Jain— collectively invested $0.6 million (Rs 5.1 crore).
In a special resolution passed by the company’s board, PayGlocal allotted 16,510 Series B compulsory cumulative preference shares at an issue price of Rs 56,315.73 per share to raise $12 million (Rs 93 crore).
While Tiger Global pumped $6 million (Rs 46.3 crore), Sequoia and BEENEXT infused $4.28 million (Rs 33.01 crore) and $1.11 million (Rs 8.56 crore), respectively.
QED Innovation along with angle investors—Amrish Rau, Sweta Rau, Jitendra Gupta, and Ruby Jain— collectively invested $0.6 million (Rs 5.1 crore).
Fintechs have been leveraging technology and capturing the white space in cross-border payments left unaddressed by legacy models. Recently, a blockchain-based cross-border payment system, Open Financial Technologies, entered the coveted unicorn club with a fresh funding round, raising $50 million from the Mumbai-headquartered IIFL Finance.
