PayMongo, a Manila-based online payment processing platform, today announced its partnership with Vesta, a fintech pioneer in fraud protection and fully guaranteed payment technologies, to further enhance the company’s advanced fraud detection capabilities.
PayMongo’s collaboration with Vesta comes at the heels of its Stripe-led US$12 million Series A funding. The partnership renders a holistic suite of solutions, adding fraud assessment, protecting customers’ accounts and real-time reporting for PayMongo’s over 5,000 merchants comprising mostly of small and medium Filipino enterprises. This is on top of the existing value proposition that PayMongo offers merchants such as doing away with sign-up and monthly fees, providing a quick and automated onboarding process and seamless API integration for those with website or apps, as well as letting them accept digital payments such as credit and debit cards and e-wallets through its PayMongo Links product and e-commerce plug-ins.
“One of PayMongo’s strong points is our robust fraud detection system. Still, we continue to improve and innovate. With its track record, Vesta is a natural choice for PayMongo to help us amplify the protection we give our merchants,” said Francis Plaza, PayMongo co-founder and Chief Executive Officer.
It is a timely and relevant partnership between PayMongo and Vesta with the growing concerns over online fraud as much as digital transactions in the Philippines increased during the pandemic. The collaboration leverages on Vesta’s real-time decisioning platform - built on data science and machine learning with 25 years of intelligence, and PayMongo’s uncomplicated online payment platform.
“We are excited to partner with PayMongo, and saw a great match in PayMongo’s commitment to always cater to their merchants’ needs that made this partnership come to fruition especially during a time where businesses require the support they need to continue growing digitally - this ties back to Vesta’s mission of helping companies to grow their online businesses by eliminating the fear of fraud and focus on what really matters for success, growing revenue,” said Shabab Muhaddes, Vesta General Manager in the Asia Pacific.
Vesta recently acquired a strategic investment from Singapore-based EDBI, a global Asian-based investor. This investment, along with a strategic alignment with EDBI, has accelerated the company’s momentum and efforts to expand across the Asia Pacific from its regional headquarters in Singapore. Vesta also secured US$125 million in new growth capital from private equity firm Goldfinch Partners to invest in growth and continue the global deployment of its fraud protection and fully guaranteed payment technologies.
Both firms will tap into each other’s strengths and capabilities to address the need for fraud protection in the Philippines. Most importantly, PayMongo merchants will be able to conduct business transactions with greater confidence and focus on increasing their revenue.