PayGlocal Raises $4.9 Million In Series A
The company will use the funds to grow its merchant ecosystem, scale up products and expand the team
PayGlocal, a payment solutions company, has raised $4.9 million in Series A round led by Sequoia Capital India with participation from BeeNext, Jitendra Gupta and Amrish Rau. The company will use the funds to grow its merchant ecosystem, scale up products and expand the team.
Today, foreign card holders transact with Indian merchants for a growing number of consumption and investment needs, which includes booking travel tickets, making insurance payments and buying products and services. While a small number of Indian merchants accept international card payments, they have low approval rates due to inefficient payment processing, long settlement cycles due to foreign exchange conversion limitations and high transaction charges. The lack of a frictionless payments solution impacts merchant credibility and frustrates its customers. Identifying this gap, Prachi Dharani, Rohit Sukhija and Yogesh Lokhande launched PayGlocal, a payment solution that caters to merchants who need to accept payments from customers residing outside India, said a statement.
“Indian merchants are facing challenges in accepting payments from an exponentially growing global consumer base as the current payment solutions aren’t exactly designed to process their payments made via cards issued abroad. We knew that we had a huge opportunity to unlock cross-border growth for nearly every business owner out there if we could address this problem. So, we put together our years of experience working in the Indian financial ecosystem to develop PayGlocal. Our solution cuts through complexities and optimizes payment performance across the board. It enables Indian merchants to collect payments from international customers through bank cards very seamlessly,” said Prachi Dharani, co-founder and CEO at PayGlocal.
PayGlocal partners with private and public sector banks to run a globally operable stack that makes international payment acceptance available to a large number of merchants. With the success of the platform so far, PayGlocal is looking forward to scaling its merchant acquisition pipeline over the next year. The early response has been very encouraging where the merchant's using PayGlocal's stack are able to see clear differentiation of high transaction approval rates as well as lower fraud transactions, added the statement.