PhiCommerce Secures $10 Million Funding to Enhance Payment Solutions

PhiCommerce raises $10 million in a funding round led by BEENEXT

The company plans to expand its product offerings and broaden its customer base

PhiCommerce's PayPhi solution enables businesses to seamlessly accept payments across online, in-store, on-the-move, and doorstep channels.

The company aims to cater to the evolving needs of businesses in the digital payments landscape

In a significant development that strengthens its position in the digital payments landscape, PhiCommerce, a leading B2B ecommerce platform in India, has secured $10 million in a funding round led by BEENEXT. The company plans to utilize these funds to expand its product offerings and broaden its customer base, empowering businesses with comprehensive payment solutions.

About

Founded in 2015, Phi Commerce has created PayPhi, a ground-breaking omni-channel payment processing platform which processes digital payments at doorstep, online & in-store across variety of form factors such as cards, net-banking, UPI, Aadhaar, BharatQR, wallets, NEFT, RTGS, and NACH. The company was established with the objective to digitize white spaces in payments & go beyond routine payment processing.

Phi Commerce’s PayPhi Digital Enablement suite has been developed with the mission of empowering very large untapped blue-ocean sectors dominated by offline payment modes such as cash & cheque to accept digital payments.

Custom built enablers around PayPhi, help businesses create, present and process digital payments. Our solutions take into consideration legacy systems and complex workflows of businesses, use case, stakeholders in payment ecosystem such as merchants, consumers, banks, networks and ancillary players etc. This uniquely positions us to eliminate friction in first & last mile of payments and create a sustainable digital payment ecosystem.

Core team comprises of industry veterans with complementary skill sets and nearly 100 years of global experience with noteworthy players such as Mastercard, Euronet, ICICI Bank, Opus Software and Electra Card Services.

PhiCommerce's success in securing this funding round stems from several factors:



1.Proven track record: PhiCommerce has established a strong reputation in the B2B ecommerce space, demonstrating its ability to deliver innovative payment solutions that cater to the diverse needs of businesses.

2.Growing market demand: The demand for comprehensive payment solutions is on the rise as businesses increasingly adopt digital channels for transactions. PhiCommerce's ability to address this demand has attracted investor interest.

3.Strategic partnerships: PhiCommerce has forged strategic partnerships with leading players in the fintech and ecommerce industries, expanding its reach and enhancing its value proposition.

Impact on Businesses and the Digital Payments Ecosystem

PhiCommerce's funding and its plans to expand its product offerings will have a significant impact on businesses and the overall digital payments ecosystem:

1.Empowering businesses with seamless payment solutions: PhiCommerce's comprehensive payment solutions will streamline payment processes for businesses, enabling them to accept payments across various channels seamlessly, improving their overall efficiency and customer experience.

2.Driving innovation in the digital payments landscape: PhiCommerce's focus on innovation will contribute to the development of new and advanced payment solutions, further propelling the growth of the digital payments ecosystem.

3.Expanding financial inclusion: PhiCommerce's solutions will facilitate easier access to payment solutions for businesses, particularly those in underserved segments, promoting financial inclusion and economic growth.

PhiCommerce is well-positioned for continued growth and success in the digital payments landscape. The company's commitment to innovation, customer-centricity, and operational efficiency will be crucial in maintaining its competitive edge and achieving its long-term goals.

Additional Data and Insights

1.PhiCommerce's PayPhi solution is currently used by over 1,600 mid-to-large institutions, facilitating over 4 billion transactions.

2.The company's revenue has grown by more than 5X in the past financial year.

3.PhiCommerce plans to launch new products that will further reduce friction in digital payments and enhance efficiencies.

4.The company aims to expand its services to other geographies, starting with Southeast Asia and eventually moving to the Middle East and the EU.

PhiCommerce's journey is a testament to the transformative power of technology in the financial services industry. The company's focus on innovation and its commitment to empowering businesses with seamless payment solutions will shape the future of the digital payments landscape in India and beyond.