A few weeks following the announcement,
strategic partnership
With the technology solutions company Mosaic Solutions, PayMongo—a prominent local fintech platform—has recently partnered with emerging fintech start-up Mochi to enhance payment and invoicing procedures for their customers. As stated in an official announcement, this partnership aims at streamlining “the way businesses handle accounts receivable and cash flow, guaranteeing quicker transactions and decreased operational bottlenecks as electronic payments gain more popularity.”
As a result, the collaboration intends to provide a cohesive solution aimed at removing manual procedures, boosting transaction security, and improving financial operations efficiency.
This collaboration arrives as the nation intensifies its focus on digital payments, with projections indicating that it will surpass PHP 100 billion this year. Data from 2023 shows that the proportion of digital payments by value surpassed 55.3%, whereas the number of transaction volumes hit 52.8%.
Venture Capital Report
by Foxmont Capital Partners and The Boston Consulting Group.
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Moreover, an impressive 91.3 percent of people in the Philippines stated that they utilized online financial services in 2024, significantly above the worldwide average of only 37.8 percent.
Partnering with Mochi reinforces our dedication to fostering the expansion of MSMEs and fintech within the Philippines,” stated Jojo Malolos, CEO of Paymongo. “By incorporating Mochi’s sophisticated billing and collection automation into PayMongo’s payment solutions, we’re enabling local enterprises to thrive in the digital marketplace with assurance.
We are excited to join forces with PayMongo in transforming the way businesses manage payments and collections,” said Guaya Melgar, CEO of Mochi. “This partnership will equip firms with the necessary tools to streamline financial management and concentrate on expanding their operations.
PayMongo serves as a streamlined solution for business payments. As the initial Philippine Fintech company nurtured through the prestigious Y Combinator program in Silicon Valley, PayMongo stands out. On another front, Mochi operates as an accounts receivable tool designed specifically for Filipino enterprises aiming to enhance their invoicing efficiency, minimize errors and fraudulent activities, and offer flexible payment options to clients.