Mumbai: Omnichannel 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 utilized 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 a frictionless payments experience by integrating all consumer touchpoints 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 fintech that has, over a period of time, scaled up exponentially.
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 applications across global markets,” said Abhishant Pant.
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.