Dragonpay Raises Series A from GMO to Grow Philippine E-Commerce
Released on: November 05, 2014, 11:42 am (EST)
MANILA, Philippines, November 05, 2014 -- /EPR NETWORK/ -- Dragonpay Corporation, the leader in alternative online payment solutions for the Philippine market, announced completion of its Series A funding from the GMO Global Payment Fund. Dragonpay has been in the online payment business since 2010 and has chosen to partner with GMO to take it to the next level and secure its position in the fast-growing Philippine e-commerce ecosystem.
GMO Payment Gateway Inc., the biggest online payment gateway in Japan with over 49,725 online merchants is the strategic management company behind the Fund. Other limited partners of the Fund are major financial institutions including credit card issuers and acquiring banks. The Fund is managed by GMO Venture Partners Inc.
“GMO’s investment in our company is a validation to the soundness of our business model,” said Robertson Chiang, co-founder and COO/CTO of Dragonpay. “We have always believed that in order for e-commerce to grow in a developing country like the Philippines, there has to be more accessible payment options to the masses because credit card and banking penetration is just too low to make it happen.” There are currently over 10,000 physical payment channel partners that accept over-the-counter cash payments for Dragonpay ranging from groceries, remittance centers, supermarkets, pawnshops, gas stations and business service centers.
Dragonpay will be using the Series A investment to accelerate its growth and increase awareness of e-commerce and e-payments, in general. It will also venture into new payment channels focusing on mobile, as well as, continuing to increase its reach through more physical channels. “With 10 millions Filipinos working overseas and an estimated USD25 billion in remittances being made annually, Dragonpay is continually looking at expanding its payment network to reach out to these customers abroad,” Chiang adds.
Ryu Muramatsu, Director, Founding Partner of GMO Venture Partners, Inc. and co-founder of GMO Payment Gateway Inc. explains the investment: “I love this huge but growing and unbanked market with 100 million people. What Dragonpay is providing is not only an e-commerce online payment in western world understanding. Dragonpay provides the “Life payment” itself. In Philippines, 80% of total population don't possess a bank account and these people need to pay and buy everything offline. We are keen to learn and support this market to develop.”
Aside from Dragonpay, other regional investments by GMO Global Payment Fund include online payment companies 2C2P of Thailand, Coda Payment and Red Dot Payment of Singapore.
Dragonpay is a progressive, alternative online payment solutions provider based in the Philippines. Dragonpay enables its partner merchants to accept payments through online banking, ATM’s and other physical outlets such as convenience stores, payment and remittance centers. Its mission is to provide a more secure and easily accessible online payment channel for the broad market.
About GMO Global Payment Fund
GMO Global Payment Fund targets payments companies with innovative, disruptive, high potential entrepreneurs and teams throughout Asia, especially in Southeast Asia. Through the fund, GMO Global Payment Fund will facilitate synergy between startup companies, limited partners and portfolio companies across Asia. Currently, GMO Global Payment Fund has invested in five payment companies and through those companies it covers all South East Asia area in terms of online
Contact-Details: Dragonpay Corporation, Robertson Chiang, 3/f Builders Center, 170 Salcedo Street, Legaspi Village, Makati City 1229, Philippines, (732)975-1111, firstname.lastname@example.org, www.dragonpay.ph