PayMongo, the Manila-based online payments platform has partnered with Singapore-based Vesta to strengthen the security of the former’s online payments system.
The partnership, which comes after PayMongo secured $12 million in Series A funding, gives it access to a holistic suite of solutions that allows it to assess fraudulent transactions, protect customer accounts and provide real-time reports to the over 5,000 merchants—consisting mostly of Filipino SMEs— that it serves.
In a joint statement, PayMongo said that the security provided by Vesta adds to the existing value proposition that they offer to merchants. This includes doing away with sign-up and monthly fees, as well as providing a quick onboarding process and seamless API integration for merchant’s websites and apps, while also letting them accept digital payments through its PayMongo Links product. (Read: Sowing seeds – How PayMongo believes SMEs will drive digital payments in the Philippines)
“One of PayMongo’s strong points is our robust fraud detection system,” said Francis Plaza, PayMongo co-founder and Chief Executive Officer. “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.”
Vesta is a pioneer in fintech, fraud protection and fully guaranteed payment technologies. Its partnership with PayMongo comes at a time when concerns over the security of online transactions are growing, thanks to the increasing number of online transactions in the country due to the COVID-19 pandemic.
The partnership seeks to leverage Vesta’s real-time decisioning platform that the company built based on data science and machine learning—with 25 years of intelligence—alongside 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,” Shabab Muhaddes, Vesta General Manager in the Asia Pacific, said.
Similar to PayMongo, Vesta also recently received funding, this time through a strategic investment from Singapore-ased EDBI, a global Asian based investor. This investment has helped accelerate the company’s momentum and efforts to expand across the Asia Pacific region. In addition, the company also secured $125 million in new growth capital from U.S.-based private equity firm Goldfinch Partners to invest in the development and growth of its fraud protection and payment technologies.