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Fintech PayGlocal bags USD 12 Mn in Tiger Global-led Series B funding

Fintech PayGlocal bags USD 12 Mn in Tiger Global-led Series B funding
Fintech PayGlocal bags USD 12 Mn in Tiger Global-led Series B funding

PayGlocal Technologies Pvt. Ltd., a business providing payment processing services, has reportedly raised USD 12 million in a Series B funding round, which was led by Tiger Global, along with added participation from BEENEXT and Sequoia Capital India.

With the latest investment, the startup plans to expand its operations and introduce new payment options for the customers. PayGlocal has issued 16,510 Series B mandatory cumulative preference shares at an issue price of USD 721.8 per share under a special resolution approved by the board of the firm to raise USD 12 million.

In the latest funding round, Sequoia and BEENEXT contributed USD 4.28 million and USD 1.11 million respectively, while Tiger Global invested USD 6 million. Whereas angel investors such as Sweta Rau, Amrish Rau, Ruby Jain, and Jitendra Gupta collectively invested USD 0.6 million with QED Innovation.

For the unversed, PayGlocal was founded in 2021 by former Visa executives Rohit Sukhija, Prachi Dharani, and Yogesh Lokhande. The company enables businesses to accept and gather payments from clients worldwide using their credit and debit cards and in the currency of their choice.

The Bengaluru-based business has teamed up with both public and private sector institutions to take payments in over 100 different currencies internationally.

According to Sequoia India MD Ashish Agrawal, Indian traders export goods worth more than USD 400 billion annually, thus accepting foreign cards is crucial. PayGlocal has received exceptional feedback within 14 months of launch and has successfully addressed the issues of high success rates and fraud prevention for cross-border transactions.

It is worth mentioning here that PayGlocal had raised USD 4.9 million in a Series A investment round led by Sequoia Capital, and other investors including BEENEXT, Amrish Rau, and Jitendra Gupta in December 2021. The business has more than 100 merchants using its platform, and it has secured nearly USD 17 million in the capital so far.

Source Credits:

https://yourstory.com/2022/06/fintech-startup-payglocal-funding-tiger-global-sequoia-capital-beenext/amp

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Vinisha Joshi

Vinisha Joshi

Despite graduating with an engineering degree in electronics and communication, Vinisha Joshi chose the road less travelled, and decided to pursue her career in content writing . Currently, she pens down articles for cuereport.com and a few other distinguished news platforms, pertaining to business and finance.