Manila, Philippines – Dragonpay, a pioneering Filipino financial technology company that has been operating in the market for over 11 years has announced a strategic investment from Xendit Philippines.
“We are very excited to be partnering with Xendit in our mission to grow our company as the most secure and cost-effective alternative online payment solution in the country. This joint initiative was motivated by our shared mission of empowering Filipino businesses and addressing the ever-growing payment needs of the Philippine market,” says Dragonpay Founder and CEO, Robertson “Dick” Chiang.
The digital wallet known as Dragonpay was founded in 2010 as a digital solution for the local payments industry. In the Philippines, majority of transactions are still handled in cash however, changes in the landscape have been accelerated by the COVID-19 lock-downs. Digital payment channels such as e-wallets and online banking have seen exponential growth during the pandemic. Dragonpay sits at the forefront of the country’s digital shift from offline to online payments. Their platform allows users to pay for their transactions using multiple channels such as e-wallets, over the counter outlets and online banking.
As a result of this investment, Dragonpay is poised to innovate faster, expand regional reach and offer disruptive solutions to further empower Filipino merchants to adapt even faster to the ongoing shift to digital payments. Dragonpay has previously raised an undisclosed amount in Series A investment in 2014 from Japan’s GMO Global Payment Fund, and a Series B investment in 2020 from Aboitiz-led UBX.
“Dragonpay is one of the leading and pioneering payments solutions in the Philippines and we are looking forward to support Dick and their team as they continue to grow and scale in the market. Dragonpay is a trusted payment solution by many Filipino businesses, and we are excited to be a part of their journey,” says Christian Reyes, Xendit Philippines’ Chief Operating Officer.
Xendit Philippines was launched in late 2020 to establish a seamless payment infrastructure for the country. Xendit is a regional financial services company and is backed by preeminent investors from Silicon Valley and Asia, including Accel Partners, Kleiner Perkins, East Ventures and GoldenGate Ventures. It is also listed as one of Y Combinator’s top 100 companies.