Philippines' Dragonpay announces strategic investment from Xendit

MANILA (Philippine Daily Inquirer/ANN): Dragonpay, a pioneering Filipino financial technology company that has been operating in the market for over 11 years has announced a strategic investment from Xendit Philippines.

“We are very excited to be partnering with Xendit in our mission to grow our company as the most secure and cost-effective alternative online payment solution in the country. This joint initiative was motivated by our shared mission of empowering Filipino businesses and addressing the ever-growing payment needs of the Philippine market,” says Dragonpay Founder and CEO, Robertson “Dick” Chiang.

Dragonpay was founded in 2010 as a digital solution for the local payments industry. In the Philippines, majority of transactions are still handled in cash however, changes in the landscape have been accelerated by the Covid-19 lock-downs.

Digital payment channels such as e-wallets and online banking have seen exponential growth during the pandemic.

Dragonpay sits at the forefront of the country’s digital shift from offline to online payments. Their platform allows users to pay for their transactions using multiple channels such as e-wallets, over the counter outlets and online banking.

As a result of this investment, Dragonpay is poised to innovate faster, expand regional reach and offer disruptive solutions to further empower Filipino merchants to adapt even faster to the ongoing shift to digital payments.

Dragonpay has previously raised an undisclosed amount in Series A investment in 2014 from Japan’s GMO Global Payment Fund, and a Series B investment in 2020 from Aboitiz-led UBX.

“Dragonpay is one of the leading and pioneering payments solutions in the Philippines and we are looking forward to support Dick and their team as they continue to grow and scale in the market. Dragonpay is a trusted payment solution by many Filipino businesses, and we are excited to be a part of their journey,” says Christian Reyes, Xendit Philippines’ Chief Operating Officer.

Xendit Philippines was launched in late 2020 to establish a seamless payment infrastructure for the country.

Xendit is a regional financial services company and is backed by preeminent investors from Silicon Valley and Asia, including Accel Partners, Kleiner Perkins, East Ventures and GoldenGate Ventures.

It is also listed as one of Y Combinator’s top 100 companies. - Philippine Daily Inquirer/Asia News Network

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Philippines , Dragonpay , Xendit , fin-tech , online , payment


Next In Aseanplus News

Number of Hong Kong private and semi-private schools increasing tuition fees nearly doubles
EU unveils Indo-Pacific strategy, and admits US’ new ‘Aukus’ alliance came as a surprise
Evergrande says six execs redeemed investment products in advance
JKJAV: 238,002 Covid-19 vaccine jabs given on Friday (Sept 17)
Asean News Headlines at 10pm on Friday (Sept 17)
Singapore: 934 locally transmitted Covid-19 cases in country, highest since April last year - only one imported case on Friday (Sept 17)
Indonesia to reopen Bali for international visitors in October as govt announces 3,835 new Covid-19 cases on Friday (Sept 17)
Thailand govt eyes wider opening of economy as it reports 14,555 new Covid-19 cases on Friday (Sept 17)
Philippines take more virus measures as country logs 20,336 new Covid-19 cases and total rises to 2,324,475
Vietnam reports 11,521 new Covid-19 cases, 667,650 in total - Ho Chi Minh City still highest with 5,972 infections

Stories You'll Enjoy