Cross-border payments app PayGlocal gets $12 million from Sequoia, Tiger Global
Payment solutions startup PayGlocal has raised $12 million in its Series B funding round, co-led by Tiger Global and Sequoia Capital India, it announced on Saturday. The company plans to use these funds to scale its cross-border merchant payments solution and hire more people.
PayGlocal enables merchants to accept and collect payments from customers outside India in the currency of their choice. It also allows them to use their own cards or even take advantage of cardless payment options.
Its Series B round also saw participation from existing investors such as BeeNext, Amrish Rau of Pinelabs, Jitendra Gupta of Jupiter and Sweta Rau of White Ventures, its existing investors. Credit card payment portal, CRED’s Kunal Shah also participated in the round.
As of December 2021, the company had raised $4.9 million in its Series A round. So far, it has raised nearly $17 million and claims to facilitate transactions for over 100 merchants across the country. India. “Merchants are pleased with the increased success rate of international payments and the reduced risk associated with processing cross-border transactions. We look forward to expanding our current team from 50+ to 100+ by the end of this year,” said Prachi Dharani, co-founder and CEO of PayGlocal.
The company was founded in 2021 by Prachi Dharani, Rohit Sukhija, Yogesh Lokhande and Ruby Jain.
“As India becomes increasingly important to global commerce, there remains a significant need for innovation in cross-border payments. We believe PayGlocal’s platform will enable millions of Indian businesses to reach their customers around the world more easily,” said Alex Cook, Partner at Tiger Global.