Top 8 Leading Fintech Startups in the Philippines as of H2 2023

The fintech revolution in the Philippines is booming, and it's changing the way we manage money and conduct transactions. With the growing adoption of digital technology and a strong focus on financial inclusion, the country has become a fertile ground for innovative fintech solutions.

In a bid to highlight the brightest stars in the industry, we've curated a list of the top eight most-well-funded fintech startups in the Philippines for the second half of 2023. These companies are leading the charge in driving digital innovation and promise even greater growth in the coming months. For our analysis, we've concentrated on venture capital (VC) funding while excluding debt.

1. Voyager Innovations – US$712 million

Voyager Innovations, a subsidiary of PLDT, the country's largest telecommunications company, has been making waves since its establishment in 2013. The company is on a mission to empower individuals, businesses, and communities through digital innovations.

One of their crown jewels is PayMaya, the leading mobile wallet in the Philippines. PayMaya enables cashless transactions, money transfers, bill payments, and online shopping, contributing to the nation's financial inclusion and digital commerce growth.

2. Global Fintech Innovations (Mynt) – US$475 million

Mynt, a subsidiary of Globe Telecom, is a prominent player in the Philippine fintech scene. Their flagship product, GCash, boasts a massive user base of 81 million. GCash facilitates a wide array of financial activities, including money transfers, bill payments, investment opportunities, and saving options.

The company's vision extends to SMEs, as they offer microfinance services through Fuse Lending, helping businesses thrive in the digital age.

3. Growsari – US$110 million

Founded in 2016, Growsari is revolutionizing how sari-sari stores, those beloved neighborhood convenience stores, operate. Acting as a digital ordering and delivery system, Growsari streamlines the procurement process for store owners while enabling them to expand their businesses with ease.

Additionally, Growsari provides last-mile logistics services and offers working capital loans to support these small businesses in their growth journey.

4. Philippine Digital Asset Exchange – US$63 million

PDAX is a pioneer in the cryptocurrency landscape in the Philippines. As a secure and user-friendly platform, PDAX allows individuals and institutions to buy, sell, and trade digital assets like bitcoin and ether.

With a funding round of US$50 million in February 2022, PDAX aims to cater to the burgeoning non-fungible token (NFT) and play-to-earn markets while enhancing customer experience and infrastructure.

5. PayMongo – US$46 million

Founded in 2019, PayMongo has swiftly become a go-to online payment solution for businesses in the Philippines. By integrating their payment gateway, merchants can accept credit and debit cards, e-wallets, and bank deposits, streamlining their payment processes.

With plans to expand their financial services, including disbursements and buy now, pay later options, PayMongo is poised to empower businesses with even greater payment flexibility.

6. First Circle – US$28.5 million

First Circle is on a mission to bridge the funding gap faced by SMEs in the Philippines. Utilizing technology and data analytics, they expedite the loan application and approval process for these businesses.

By leveraging alternative data sources, like transaction history and customer feedback, First Circle extends fast and accessible working capital loans to SMEs, helping them grow and flourish.

7. Advance Tech Lending – US$16 million

Advance Tech Lending specializes in on-demand salary advances for eligible employees. With an entirely online application process and instant approval, they have earned the trust of over 200 companies, including industry giants like Sitel Philippines and Cebuana Lhuillier.

Recently, Advance Tech Lending expanded to Vietnam, aiming to roll out innovative financial products while catering to more businesses in both the Philippines and Vietnam.

8. First Digital Finance Corporation – US$15 million

First Digital Finance Corporation uses artificial intelligence and digital processes to make credit more accessible and affordable for Filipino consumers. Through platforms like Balikbayad and BillEase, they provide loans to overseas Filipino workers and offer flexible installment payment solutions for consumers across various merchants.

Their innovative approach has garnered significant attention, leading to an investment of US$11 million in January 2022 to enhance customer growth and develop new products.

The future of fintech in the Philippines looks brighter than ever, and these well-funded startups are at the forefront of shaping the nation's financial landscape. As they continue to drive digital innovation and financial inclusion, we can expect even more exciting developments from them in the years to come. Stay tuned for further updates on these game-changers in the WikiFX App. Download the App here: https://www.wikifx.com/en/download.html