Despite the current economic uncertainty, payment facilitators are still attracting a lot of interest from investors.
Payment facilitator RunSignup announced this week that it has secured $2.6 million in Series A funding from payments provider Payroc. This announcement follows closely on the heels of an investment from Stripe in Manila-based PF PayMongo.
According to a press release, Payroc is making the investment to help RunSignup fund expansion of its customer base, as well as add to the fundraising capabilities the company offers nonprofits through its GiveSignup platform.
RunSignup will use Payroc as a preferred payment processing platform as part of the deal.
“Payroc has been extraordinarily supportive of our business, including offering to invest towards our goal of helping our customers raise $1 billion per year for their event and charitable missions,” said Bob Bickel, CEO and Founder of RunSignup.
“Further, Payroc’s investment provides us with the capability to serve our endurance customers and expand our technology platform in the nonprofit space with GiveSignup.”
RunSignup said that it has sought out additional capital at this time so it can further invest in customer onboarding and education. It has also been working to support multiple payment platforms so it can offer high reliability, keep costs low, and develop innovative features and capabilities. And finally, it is looking to fund development projects for its GiveSignup platform to give its nonprofit customers more tools to enable them to raise funds.
“RunSignup has built an impressive business based on the foundation of technology and openness in their customer relationships. We are confident in their plan to help their customers raise $1 billion per year as a vision for how their technology company can help make a positive impact on the world. We are pleased to be a partner with them in a mutual quest to help the endurance and nonprofit communities they serve,” said Jim Oberman, CEO of Payroc.
And earlier this week, TechCrunch reported that payments leader Stripe led a $12 million Series A funding round for PayMongo, which operates in the Philippines.
PayMongo works with financial institutions and provides a payments API that companies can integrate into their web sites and apps to accept payments from both cards and digital wallets. It also offers PayMongo Links, which enable sellers to take payments through messaging apps.
Stripe’s APAC business lead Noah Pepper told TechCrunch that the company invested in PayMongo because, “we’ve been impressed with the PayMongo team and the speed at which they’ve made digital payments more accessible to so many businesses across the Philippines.”
PayMongo launched in 2019 and has since processed almost $20 million in payments volume. According to the article in TechCrunch, the company had planned to raise funds next year, but moved up its plans because of a growth in demand for its services during the COVID-19 pandemic.