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Payment solutions startup PayGlocal has raised $12 million in a new round of funding co-led by Tiger Global and Sequoia Capital India.
BeeNext and angel investors like Pine Labs CEO Amrish Rau, Citrus Pay and Jupiter founder Jitendra Gupta, and Cred’s founder Kunal Shah also participated in the round.
Founded in 2021 by payment industry veterans Prachi Dharani, Rohit Sukhija, Yogesh Lokhande and Ruby Jain, PayGlocal enables merchants to accept cross-border payments in the currency of their choice, using their cards or non-card payment options.
The company has over 100 merchants on its platform and has raised nearly $17 million in funding so far, it said.
“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 startup will use the funds raised in this round to scale its business and launch new payment solutions.
“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
“The current landscape of global payments involves a highly complex system riddled with various checkpoints and verifications at multiple levels, making it burdensome and costly for both individuals and financial institutions, the company said in a statement. “As India becomes increasingly important to global commerce, there remains a significant need for innovation on cross-border payments. We believe PayGlocal’s platform will make it easier for millions of Indian businesses to reach customers globally,” said Alex Cook, Partner, Tiger Global.
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