Phi Commerce Raises 4 Million USD in Series A Funding from Singapore based BEENEXT
— PayPhi, Phi Commerce’s API-first digital payments platform, is currently powering over 100 million transactions per month —
— Phi Commerce to use funds for product innovation and expansion in new geographies —
India, January 07, 2021: Omni channel digital payments company, Phi Commerce today announced that it has raised USD 4 million in series A, led by BEENEXT, a Singapore based Venture capital firm. The fresh round will be utilised to bolster its product offering, expand in existing markets and enter new geographies.
Founded in 2015, Phi Commerce has established itself as a strong contender in the digital payments market across Tier 1 cities in India and has led the digital payments revolution into the underserved tier 2 and 3 markets as well, powering more than 100 million monthly transactions. With its API-first digital payments platform for payment schemes, banks, processors and large, medium and small businesses alike, PayPhi from Phi Commerce, provides frictionless payments experience by integrating all consumer touch points online, mobile, in-store, or doorstep and payment modes on a singular platform.
Commenting on the announcement, Jose Thattil, CEO and Co – Founder, Phi Commerce said; “Today, consumers and businesses globally are demanding that payment transactions be truly seamless, almost bordering on being invisible. We are proud that within a short span of time, PayPhi, with its revolutionary API-first architecture, has successfully proven its capability to meet hitherto unaddressed requirements at scale across online, in-store and door-step commerce. The need to eliminate friction in payments with 100% reliability is a universal requirement across advanced as well as emerging economies and we are confident we will soon be replicating this success in global markets.”
BEENEXT has maintained a stellar track record of identifying high performance fintechs that have, over a period of time, scaled up exponentially.
Commenting on the investment announcement, Hero Choudhary, partner at BEENEXT, said that; “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. Their technology solution is scalable across the globe and we are proud to partner with the Phi team in their journey.”
The round also sees participation from Yatra Angel Network (YAN) managed by Abhishant Pant, a veteran in the Indian fintech space.
“We have seen Phi Commerce’s journey from the day they got associated with us in the Mumbai Fintech Accelerator. They truly represent an Enterprise payment powerhouse from India with solutions having application across global markets.” said Abhishant Pant
Radhika Bali & Associates and JCSS advised Phi Commerce on deal documentation and transaction structuring respectively.
About Phi Commerce:
Phi Commerce, a leading digital payments fintech startup based out Pune, addresses payments collection, processing & distribution requirements of Networks, Banks, Processors & Businesses across online, in-store & on-the-go channels through its award-winning, omnichannel, API-first platform – PayPhi.
Phi Commerce distinguishes itself by straddling payment facilitation for merchants and businesses and being an enterprise platform provider to payment schemes, banks and processors. It aids merchants and businesses in managing payments across the life cycle of invoicing, collection & distribution in an integrated manner and helps payment schemes, banks and processors overcome challenges of legacy platforms by providing a modern omni channel payment platform. PayPhi has gained widespread acceptance in the Indian market. Its solutions ranging from digital payments at the doorstep to single click 100% automated subscription payments and fully digitized high value B2B payments are transforming the way businesses empower their consumers for seamless commerce.
The award-winning platform’s API-first architecture enables digitization and automation for most back-end processes including reconciliations, accounting, last mile notifications and settlements, unleashing the true benefits of digital payments and minimizing operational complexity. The platform is the winner of MeitY DigiDhan Mission Fintech Award and has won the coveted Visa Everywhere Initiative (VEI) India 2020 for its one-of-a-kind Instalments/Buy Now, Pay Later program.