Higala, the Philippines-based inclusive instant payment system, said it has extended its seed funding to $2.8 million.
The fresh capital came from Talino Venture Studios, an award-winning global venture studio for sustainable innovation, and 1982 Ventures, a Singapore-licensed firm focused on fintech investments across Southeast Asia.
Higala, launched last year, aims to broaden real-time payment access by connecting a growing number of rural, thrift, and commercial banks, as well as electronic money issuers, lowering transaction costs and barriers to entry.
The company says real-time payments in the Philippines already exceed 2.6 billion monthly transactions and sees significant potential for growth.
“Higala’s innovative approach to inclusive instant payments is directly aligned with our vision of using fintech to change lives,” said 1982 Ventures Managing Partner Scott Krivokopich. “Winston Damarillo and Vice Catudio have a proven track record in building core payments infrastructure.”
Higala’s upcoming “platform banking,” slated for launch in the second quarter, will enable smaller financial institutions to offer digital payment services, providing an on-ramp to instant payment systems. Recently, Rizal Commercial Banking Corporation (RCBC) partnered with Higala to power its SynerFi platform for smaller banks.
“This funding milestone … will greatly benefit our robust ecosystem,” said Higala CEO Winston Damarillo, adding that the network now spans an instant payment system, a platform bank, and multiple collaborators.
Powered by Mojaloop open-source technology, Higala has aligned with FinTech Alliance PH, Xendit, and the Rural Bankers Association of the Philippines to drive interoperability and financial inclusion.
Business News Asia
