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PhiCommerce raises $10m in Series A1 funding led by Singapore-based BEENEXT

By Gloria Mathias

November 29, 2023

  • BEENEXT
  • Cross Border Payments
  • Digital India
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PhiCommerce, Pune, Digital India, Payments Solutions, UPI, Singapore, Cross-border Payments, Payments Certification Solutions, India, Funding, Series A1, Omni-channel Payments, BEENEXT, Singapore VC, Venture capital, PhiCommerce, India’s omnichannel payment solutions provider, has raised $10 million (Rs. 83 crore) as part of its Series A1, led by BEENEXT, a Singapore-based venture capital firm. Opus Ventures also participated in this round of funding.

The funding will be used towards PhiCommerce’s expansion into international geographies and the development of solutions to further enhance the payment ecosystem.

PhiCommerce is a new-age payment solutions company that provides an end-to-end, unified, omnichannel digital payments platform to businesses, banks, and networks. This helps address complex digital payment needs by delivering a simplified, secure, scalable, robust, and frictionless payment experience to all stakeholders.

PhiCommerce’s omnichannel and instrument-agnostic digital payments processing platform, PayPhi, is a one-stop solution that enables businesses to embrace digital payments across online, in-store, on-the-move, and doorstep channels with value-added plug-ins for various industry segments.

Commenting on the announcement, Jose Thattil, CEO and Co-Founder, PhiCommerce said, “We plan to utilise these funds over the next phase of our growth to roll out multiple new products that will continue to reduce friction in digital payments and will bring in increased efficiencies to the ecosystem at large. On the back of our success in the Indian market, we will also be expanding our services to other geographies.”

PhiCommerce is a key platform partner of the National Payments Corporation of India (NPCI). NPCI MD & CEO, Dilip Asbe said, “We at NPCI collaborate with PhiCommerce on global payment system development projects and hereby extend our best wishes.”

Hero Choudhary, Managing Partner at BEENEXT said, “PhiCommerce has, through its omnichannel payment stack, successfully solved complex payment requirements and demonstrated its prowess to process digital payments at scale in the Indian market. They are now actively expanding their footprint into international markets, aiming to replicate their success on a global scale.

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