PhiCommerce raises $10 mn in funding led by Singapore-based BEENEXT

Payments solution firm will use financing to expand international business, improve technology

PhiCommerce, a payment solutions provider, has raised $10 million (Rs 83 crore) as part of its Series A1 funding led by BEENEXT, a Singapore-based Venture capital firm, and attended by Opus Ventures.

PhiCommerce will use the funding to expand its international business and develop payment solutions. The company provides end-to-end payments solutions to businesses, banks and networks. It helps them in delivering a secure, scalable and frictionless payment experience to all stakeholders.

“We plan to utilise these funds over the next phase of our growth to rollout multiple new products,” said Jose Thattil, chief executive officer (CEO) and co-founder of PhiCommerce. “On the back of our success in the Indian market, we also will be expanding our services to other geographies.”

PhiCommerce is a key platform partner of National Payments Corporation of India (NPCI). “We at NPCI collaborate with PhiCommerce on global payment system development projects,” said Dilip Asbe, managing director and CEO of NPCI.

Hero Choudhary, managing partner at BEENEXT, said that PhiCommerce solves complex payment requirements. “They are now actively expanding their footprint into international markets, aiming to replicate their success on a global scale,” said Choudhary.