Digital payments firm Phi Commerce raised $4 mn in a Series-A funding round led by Singapore-based venture capital firm Beenext. Yatra Angel Network which is managed by fintech industry veteran Abhishant Pant also participated in the round. The infusion would help the company to bolster its product offering, expand in existing markets and enter new geographies.
Phi Commerce has created PayPhi, an omnichannel payment processing platform which processes digital payments at doorstep, online and in-store across a variety of form factors such as cards, internet banking, UPI, Aadhaar, BharatQR, wallets, NEFT, RTGS, and NACH. Claims that it processes 100 mn monthly transactions and has a presence in Tier 2 and Tier 3 cities across India.
“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,” said Jose Thattil, CEO & Co-founder, Phi Commerce.