Company plans to use the funds for international growth and enhance its digital payments offerings.
Press Release
Pune, November 28, 2023: Phi Commerce, India’s leading omnichannel payment solutions provider, has raised USD 10 million (Rs 83 Cr) 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 Phi Commerce’s expansion into international geographies and development of innovative solutions to further enhance the payments ecosystem.
Phi Commerce is an award-winning 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.
Phi Commerce’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 unique value-added plug-ins for various industry segments.
Commenting on the announcement, Jose Thattil, CEO and Co-Founder, Phi Commerce said; “We plan to utilize these funds over the next phase of our growth to rollout 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 also will be expanding our services to other geographies.”
Commenting on the investment announcement Hero Choudhary, Managing Partner at BEENEXT, said that “Phi Commerce has, through its omnichannel payment stack, successfully solved for complex payment requirements and demonstrated its prowess to process digital payments at scale in Indian market. They are now actively expanding their footprint into international markets, aiming to replicate their success on a global scale.”
About Phi Commerce:
Established in 2015, Pune based Phi Commerce enables businesses to embrace digital payments ecosystem using integrated and agile innovations, enabling smooth and flexible payments across all consumer touchpoints – browser, mobile, in-store and remote. Phi Commerce offers a unified omni-channel payment platform catering to the comprehensive payment requirements of businesses, spanning both online and offline channels.
