Tiger Global, Sequoia led $12 M secured by Cross-border payments startup PayGlocal
PayGlocal, a payment solutions company, has secured $12 million in a fresh round headed by Tiger Global and Sequoia Capital India.
The investment included 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, which was founded in 2021 by payment industry experts Prachi Dharani, Rohit Sukhija, Yogesh Lokhande, and Ruby Jain, allows retailers to accept cross-border payments in their preferred currency using their cards or non-card payment solutions.
According to the startup, it now has over 100 merchants on its platform and has garnered approximately $17 million in investment.
“We have observed remarkable growth within just 14 months of launch and received phenomenal feedback for our platform from merchants who are happy with the increase in international payments success rate and a reduction in the risk associated with the processing of cross-border transactions,” Dharani of PayGlocal said.
The cash collected in this round will be used to help the firm grow its operations and offer additional payment options.
“Indian merchants are engaged in over $400 billion of exports every year. Accepting international cards is important for their business. PayGlocal has successfully solved for high success rates and fraud prevention for such cross-border transactions,” said Ashish Agrawal, MD, Sequoia India.
