Fintech Startup PayGlocal Raises $4.9M To Improve Global Payments
Tapping the increasing demand for payment solutions, fintech startup PayGlocal has raised a $4.9M funding round led by Sequoia Capital India.
The fintech startup aimed at providing payment solutions was founded in 2021. During the pandemic and even in the post-pandemic world, international transactions across the globe increased manifold. The startup caters to the individuals and companies that have to accept payments from outside India. With this innovation, the company has raised $4.9 million in a Series A funding round.
The funding round was led by Sequoia Capital India. However, Beenext, Jitendra Gupta, and Amrish Rau also participated in the round. With the latest funding, the company is aiming to grow its partners and user base. This will help the payment solution provider to expand and scale up its product.
The startup was founded by Prachi Dharani, Rohit Sukhija, and Yogesh Lokhande. It facilitates the merchants by allowing them to take get foreign credit and debit cards, meanwhile, it takes care of the rest of the details and processing details itself. It facilitates the customer by allowing them to pay their local clients. The currency conversions are done later by allowing merchants to process transactions in multiple currencies and improve conversion rates for cross-border transactions.
“Indian merchants are facing challenges in accepting payments from an exponentially growing global consumer base as the current payment solutions aren’t exactly designed to process their payments made via cards issued abroad, our payment solution helps Indian merchants to collect payments from international customers through bank cards very seamlessly,” said Prachi Dharani, co-founder, and CEO of PayGlocal.
A big advantage for the startup is that all the three founders of the company are ex-Visa employees. This has allowed the founders to know all the minor and major details about banking. This background knowledge has helped them initiate the startup a lot.
As the world is becoming more connected, international transactions are also surging. This has led to increasing demand for the development of secure, efficient, and easy cross-border payment technologies.