Electronic payment system provider PayMongo is introducing an enhanced Financial OS (operating system) alongside an upcoming, industry-first dynamic onboarding as it celebrates its sixth year in business.
“This soon-to-be-released feature will allow businesses to get started faster and seamlessly access PayMongo’s full suite of financial tools,” the company said in a statement as it marks its anniversary by unveiling a new company logo.
PayMongo Chairman Luis Sia, speaking at the company’s sixth anniversary celebration, said the company expects to facilitate as much as $1.7 billion-worth of payments this year, exponentially improving from the $851 million facilitated in the past two years.
Since the company opened shop in 2019, PayMongo has facilitated a total of $1.15 billion-worth of transactions, according to Sia.
“So a lot has happened in six years. However, this year, 2025, which is our milestone year, we project just by our run rate (that) we will process $1.7 billion,” he said.
Malolos said expects PayMongo to achieve breakeven results in two years time as efficiencies continue to improve.
Malolos said PayMongo is encouraged with the 240 percent increase in gross profit posted last year.
“Remember that we are a start-up. We are not a multinational company that has funds available regularly. So having a 2.4x growth of gross profit is basically a very, very important milestone for any type of business in an economy,” said Malolos on the sideline of the company’s sixth anniversary celebration.
“So there are still net losses from operations in 2019, but we expect to break even in the next year or two,” he added.
As part of its growth expansion, PayMongo is looking to add three more digital banks to its list of partners that extend capital to businesses through its platform to complement the current partner, GoTyme, happening in the next four months, according to Malolos.
“They’re licensed digital banks. We’re also partnering with banks financial institutions that also has license to basically lend money,” he said.
Under the arrangement, PayMongo provides the facility where businesses can tap capital, and the payment platform facilitating the back-end processes of pre-approval and collection of payments.
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