PhiCommerce, a fintech company raises USD 10 million in a funding round led by BEENEXT, a Singapore-based venture capital firm, with Opus Ventures also participating.
This funding, part of PhiCommerce's Series A1, will be directed towards the firm's global expansion and the development of innovative solutions to enhance the payments ecosystem.
According to PhiCommerce CEO and Co-Founder Jose Thattil, the funds will be utilised to introduce new products aimed at reducing friction in digital payments and enhancing overall ecosystem efficiency. Building on the success in the Indian market, the company plans to extend its services to international geographies.
Having previously secured USD 20 million, Thattil envisions PhiCommerce's growth to triple in 2023-24 compared to the previous year, with a consistent year-over-year growth of 2.5-3 times for the next couple of years. The focus for expansion and revenue is placed on international business, with a goal to achieve breakeven by March 2025.
PhiCommerce's founders previously established ElectraCard Services, a fintech firm acquired by Mastercard in 2014. PhiCommerce itself offers an end-to-end, unified, omnichannel digital payments platform catering to businesses, banks, and networks, including Aadhaar-based payments. As a key platform partner of the National Payments Corporation of India (NPCI), PhiCommerce plays a crucial role in the Indian payments landscape.