Payment solutions start-up, 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 avail non-card payment options, too.
Its Series B round also saw participation from existing investors like BeeNext, Pinelabs’ Amrish Rau, Jupiter’s Jitendra Gupta and White Ventures’ Sweta Rau, its existing investors. Credit card payments portal, CRED’s Kunal Shah too participated in the round.
In 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 India. “Merchants are happy with the increase in international payments success rate and a reduction in the risk associated with the processing of cross-border transactions. We look forward to expanding our current team of 50+ to 100+ by the end of this year,” said Prachi Dharani, co-founder and chief executive officer, 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 on cross-border payments. We believe PayGlocal’s platform will make it easier for millions of Indian businesses to reach customers globally,” said Alex Cook, Partner, Tiger Global.