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Wednesday, December 6, 2023

PayGlocal gets $12M for cross-border payments business growth, new solutions

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PayGlocal has secured $12 million in a new round of funding. The payment solutions startup will use the money to grow its cross-border payments business and introduce new payment solutions.

PayGlocal, a payment solutions firm, has secured $12 million in a fresh round of investment led by Tiger Global and Sequoia Capital India. The round was also attended by BeeNext and angel investors such as Pine Labs CEO Amrish Rau, Citrus Pay and Jupiter founder Jitendra Gupta, and Cred’s founder Kunal Shah.

PayGlocal, founded in 2021 by payment industry experts PrachiDharani, Rohit Sukhija, Yogesh Lokhande, and Ruby Jain, lets retailers to accept cross-border payments in their preferred currency, using their cards or non-card payment solutions.

According to the startup, it has over 100 merchants on its platform and has secured approximately $17 million in investment so far.

PayGlocal’s Dharani said within 14 months of launch, the company has seen remarkable growth. Dharani added that PayGlocal has also received phenomenal feedback for its platform from merchants who are pleased with the increase in international payment success rate and a reduction in the risk associated with the processing of cross-border transactions.

The cash acquired in this round will be used by the firm to grow its operations and introduce additional payment options.

Sequoia India’s MD, Ashish Agrawal said, “Every year, Indian traders export more than $400 billion. Accepting foreign credit cards is critical to their company. PayGlocal has solved the problem of high success rates and fraud protection for such cross-border transactions.”

According to the business, “the existing landscape of global payments entails a very complicated system riddled with different checkpoints and verifications at several levels, making it cumbersome and costly for both people and financial institutions.”

Alex Cook, partner, Tiger Global, said, “As India’s global trade importance develops, there is a strong need for cross-border payment solutions. We think PayGlocal’s platform will make it simpler for millions of Indian companies to contact customers throughout the world.”

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