Kollab Invests $2 Million in PayRex to Enhance Digital Payments in the Philippines
Kollab, a leading digital transformation advisor based in Southeast Asia, has announced a significant investment of $2 million in the Series A funding round for fintech startup Evolut10n Labs Inc., operating under the brand name PayRex. This strategic financial backing aims to accelerate the development of innovative digital payment solutions tailored for local businesses in the Philippines.
Enhancing Payment Services for a Digital Economy
The investment from Kollab is poised to enhance PayRex’s ability to offer cutting-edge payment services as a growing number of Filipino consumers and enterprises embrace digital transactions. With an emphasis on facilitating faster and more seamless payment solutions, PayRex is particularly focused on supporting small and medium-sized enterprises (SMEs) to thrive in the evolving digital landscape.
Empowering Businesses in the Digital Age
“At PayRex, we empower businesses to adapt to the digital age,” stated Jaime Hing, co-founder and CEO of PayRex. He added, “Our platform is specifically designed to meet the modern financial technology needs, enabling businesses to streamline their operations and enhance the overall customer experience.”
Comprehensive Payment Solutions
Launched in late 2023, PayRex provides a robust suite of online payment services that support various payment methods including credit cards, debit cards, and popular e-wallets such as GCash and Maya. The platform also features tools for invoicing, financial automation, and checkout pages, alongside integrations with widely-used platforms like Shopify, QR Ph, and Billease. PayRex adheres to international cybersecurity protocols and complies with the Payment Card Industry Data Security Standard, ensuring safe transactions for its users.
A Strong Founding Team with Industry Experience
PayRex was co-founded by Jaime Hing and Edwin Lacierda, both of whom previously contributed to the success of PayMongo, another prominent fintech player in the Philippine market. Their combined expertise in the financial technology sector positions PayRex as a formidable contender in driving digital payment solutions within the region.
Plans for Growth and Product Development
With the recent funding from Kollab, PayRex is set to accelerate the development of products and services that are currently in the pipeline. Plans are underway to broaden its merchant base across the Philippines while also increasing transaction volumes, which is essential for scaling operations and enhancing customer satisfaction.
Notable Partnerships and Clients
Currently, PayRex serves a diverse array of merchants across several industries, including esteemed organizations such as De La Salle-College of Saint Benilde, Wheyl Nutrition, and Linya-Linya. Furthermore, notable subsidiaries of SM Investments, including SM Markets, National University, and The SM Store, have adopted PayRex’s innovative payment solutions, pointing to the growing trust and reliance on their services. SM Investments has also positioned itself as an early investor in PayRex, further cementing the startup’s credibility in the sector.
Looking Ahead: A Future of Digital Payments
“It’s truly exciting to move into the next phase of PayRex with Kollab,” expressed Edwin Lacierda, President and Co-Founder of PayRex. “This partnership will significantly contribute to economic growth in the Philippines, as more businesses transition to accepting digital payments. As we embark on this new chapter, we reaffirm our commitment to enabling local businesses to achieve financial success.”