Kollab Invests $2 Million in PayRex’s Series A Funding Round
Digital transformation consultancy Kollab has made a significant move by investing US$2 million in the Series A funding round of Evolut10n Labs, Inc., operating under the name PayRex. This investment aims to bolster the expansion of this innovative fintech startup throughout the Philippines.
About PayRex and Its Offerings
Set to launch in late 2023, PayRex is positioned to deliver comprehensive online payment solutions. These include PCI DSS-compliant processing for credit and debit card transactions, alongside seamless integrations with popular local e-wallets such as GCash and Maya.
Founders with Experience in Fintech
Founded by Jaime Hing and Edwin Lacierda, both of whom have a wealth of experience from their previous venture as co-founders of PayMongo, PayRex seeks to innovate the financial transaction space in the Philippines.
Strategic Use of Funding
PayRex plans to utilize the newly acquired capital to expedite the development of upcoming products and services. A significant aspect of their strategy involves expanding their merchant network across the country to increase transaction volumes, thereby enhancing the overall landscape of digital payments.
Diverse Clientele and Market Presence
The startup currently caters to a variety of clients, including reputable institutions such as De La Salle – College of Saint Benilde, Wheyl Nutrition, and Linya-Linya. Prominent subsidiaries of SM Investments, including SM Markets and The SM Store, have also adopted PayRex’s payment solutions, establishing early investment confidence from SM Investments itself.
Comprehensive Features for Businesses
PayRex provides an array of tools designed for financial automation, including billing statements and customizable payment pages. Furthermore, integration capabilities extend to popular platforms like Shopify and QR Ph, enhancing user experience and streamlining payment processes. The company operates under the guidance of the Bangko Sentral ng Pilipinas, ensuring compliance with regulatory standards.
Statements from Co-founders
Jaime Hing, the co-founder and CEO of PayRex, emphasized the platform’s role in simplifying operations for modern businesses. “We are grateful to have found a like-minded partner in Kollab and are confident that this Series A investment will help us build the future of payments in the Philippines,” Hing remarked.
Co-founder Edwin Lacierda also noted, “This partnership will help shape economic progress in the Philippines as more businesses accept digital payments.”
Conclusion: A Bright Future for PayRex
With a strong foundation and strategic partnerships, PayRex is poised to make waves in the fintech sector of the Philippines. As digital payment acceptance continues to rise, the startup is well-positioned to enhance both consumer and merchant experiences.