Payments startup Phi Commerce raises $4 million in Series A round led by BEENEXT

Pune-based digital payments firm Phi Commerce has raised $4 million in a Series A funding round led by Singapore-based venture capital firm BEENEXT. Yatra Angel Network (YAN) also participated in the round. Founded in 2015, Phi Commerce has created PayPhi, a payment processing platform which processes digital payments at doorstep, online and in-store across a variety of form factors such as cards, internet banking, UPI, Aadhaar, BharatQR, wallets, NEFT, RTGS, and NACH.

Phi Commerce would utilise the funds to bolster its product offering, expand in existing markets and enter new geographies, as per the statement released by the company.

Commenting on the announcement, Jose Thattil, CEO and Co-Founder, Phi Commerce said, “Today, consumers and businesses globally are demanding that payment transactions be truly seamless, almost bordering on being invisible. We are proud that within a short span of time, PayPhi, with its revolutionary API-first architecture, has successfully proven its capability to meet hitherto unaddressed requirements at scale across online, in-store and door-step commerce. The need to eliminate friction in payments with 100 percent reliability is a universal requirement across advanced as well as emerging economies and we are confident we will soon be replicating this success in global markets.”

Commenting on the investment announcement, Hero Choudhary, partner at BEENEXT, said, “India is probably the most complex payment market in the world with all sorts of payment form factors. The Phi Commerce team has built a remarkable product covering end to end omni-channel payments at scale. Their technology solution is scalable across the globe and we are proud to partner with the Phi team in their journey.”

“We have seen Phi Commerce’s journey from the day they got associated with us in the Mumbai Fintech Accelerator. They truly represent an Enterprise payment powerhouse from India with solutions having application across global markets,” said Abhishant Pant, manager of Yatra Angel Network (YAN).