In a busy month, Jam Senga, 40, earns Php 200,000 (US$4,100) selling pastries on Instagram. Senga is one of the millions of Filipino individuals and SMEs SMEs Small and medium-sized enterprises The Philippines has more than a million micro and SMEs - enterprises with one to 199 employees. These businesses account for 63% of the Philippines' workforce and a third of its economy who have flocked to social media to sell their wares. The major attraction—it’s free, whereas online marketplaces charge transaction fees.
‘They grow, we grow’
After earning its Stripe, PayMongo shoots for Philippine SMEs
With a notable US$12 million Series A round in the bag and American payments giant Stripe in its corner, PayMongo is targeting small and mid-sized businesses. It’s a potential goldmine, but tapping into it comes with risks
Just over a year old, PayMongo has seen its payment volume grow 50X from September 2019
SMEs have largely been ignored by traditional players. Many don’t support credit and debit cards and have to manage multiple financial accounts for accepting payments
Except, with little to no track record, small businesses are especially tough to vet
PayMongo leverages world-class fraud detection tools, not to mention know-how from Stripe, to mitigate the risks and set itself apart