PayGlocal, a Bengaluru-based payment solutions startup, has raised $12 million in a Series B funding round led by Tiger Global, with participation from Sequoia Capital India and BEENEXT.

First reported by Entrackr, PayGlocal, in a special resolution passed by its board, allotted 16,510 Series B compulsory cumulative preference shares at an issue price of Rs 56,315.73 per share to raise $12 million (Rs 93 crore). 

In this funding round, Tiger Global has invested $6 million (Rs 46.3 crore), while Sequoia and BEENEXT infused $4.28 million (Rs 33.01 crore) and $1.11 million (Rs 8.56 crore), respectively. QED Innovation, along with angle investors—Sweta Rau, Jitendra Gupta, Amrish Rau, and Ruby Jain, collectively invested $0.6 million (Rs 5.1 crore). 

PayGlocal | Fostering Global Commerce

Founded by Prachi Dharani, Rohit Sukhija, and Yogesh Lokhande in 2021, PayGlocal is a fintech startup solving for global payments acceptance.

Offering end-to-end payment processing, risk management and a global stack for accepting payments, the fintech startup enables merchants to accept and collect payments from global customers in the currency of their choice and using their own credit and debit cards. 

The startup has partnered with private and public sector banks to accept international payments in over 100 currencies. This is PayGlocal’s second fundraise in the last six months. Last year in December, PayGlocal had raised $4.9 million in a Series A funding round led by Sequoia Capital, along with investors including BEENEXT, Jitendra Gupta, and Amrish Rau. 

Cross-border Payments

India is the largest global market for inward remittance flow at around $83 billion, followed by China and Mexico.

As per a report by PwC, since 2016, India’s cross-border remittances have been growing steadily at a CAGR (Compound Annual Growth Rate) of 8 percent. The report highlighted that the growth is backed by an increase in global mobility of goods and services, international travel and the international workforce.

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