Paynamics raises first round of funding from Japan’s BEENOS, Inc.
Paynamics Technologies, Inc., a Manila-based online payment platform announced that it has raised a Series A funding by BEENOS formerly netprice.com), a Tokyo-based global Internet and e-commerce business incubator group founded by Teruhide Sato, a serial entrepreneur and Internet business expert.
The funding will be used for product development and onboarding more merchants. This is Paynamic’s first fund raising from external investor.
AGREEMENT SIGNING – Shown at the signing of the funding agreement are (seated from left): Mylene C. Magleo, Paynamics Technologies Chief Operating Officer, Teruhide Sato, founder, Beenos Inc., Ronald P. Magleo, Chief Executive Officer; Esther P. Magleo, chief financial officer and Nerissa R. Leoncio, accounting manager. Standing (from left) are: Nao Ito, director, Beenos Inc., Zeus Izzy T. Yee, legal consultant, Kerwin Tanlimco, senior web developer, Rolando Ma. P. Magleo Jr., director; and, Henry T. Macaraeg, chief technology officer.
Paynamics was founded in May, 2010 by technopreneur Ronald P. Magleo. Ronald is driven by his entrepreneurial spirit and passion for e-commerce. The company offers effective online payment gateway, fraud gateway, recurring payment, domestic and international merchant account, email billing, virtual terminal, closed loop and alternative payments, automated payout solution (disbursement gateway) and customized ecommerce solutions for SMEs and Large Enterprises. Its technology approach solves the usual merchant problems related to technical connectivity, risk management, and sales conversion.
“Creating business intelligence from ePayment data. This is our difference with our competitors.” says Ronald. “ And BEENOS has been supporting eCommerce and Online payment start-ups in various emerging countries like in Indonesia, India, Turkey and Vietnam. It’s our pleasure to join in this BEENOS’s entrepreneurial network and lean from rapidly growing eCommerce/Payment teams in other market.””
“Paynamics management team rapidly proven that they can service the Philippines’ digital industry providing highly developed online payment platform of easy and efficient plug-in with high security. There is huge market opportunity in the Philippines and this fund raise will help fasten Paynamics growth” Teruhide says.
Market data suggest that Philippines is one of the ASEAN countries that has the highest ecommerce growth. It is also identified as one of the world’s top 5 fastest growing internet markets with recent statistics estimating 530 percent growth over the past five years.
Source from Manila Bulletin: http://www.mb.com.ph/paynamics-raises-first-round-of-funding-from-japans-beenos-inc