PhiCommerce, a Pune-based omnichannel payment solutions provider, has secured $10 million in its Series A1 funding round. The funding round was led by BEENEXT, a Singapore-based venture capital firm.
PhiCommerce is known for its API-first digital payments platform, PayPhi, which currently powers over 100 million transactions per month. The company plans to use the fresh funds to bolster its product offering, expand in existing markets, and enter new geographies.
In addition to this, PhiCommerce has recently been granted 3D Secure Server (3DSS) 2.2 approval by EMVCo for its payment technology solutions. This certification allows PhiCommerce to provide an integrated 3DSecure authentication mechanism within its next-generation payment stack. The 3DSS 2.2 certification ensures that PhiCommerce’s payment platform inherently offers the latest security and authentication standards for online transactions1.
This funding news comes as a significant development for PhiCommerce, which has established itself as a strong contender in the digital payments market across Tier 1 cities in India and has led the digital payments revolution into the underserved tier 2 and 3 markets as well.
The company was founded in March 2015 by Jose Thattil, Tushar Shankar, Anil Sharma, Rajesh Londhe, and Ramkumar Subbaraj.
With its API-first digital payments platform for payment schemes, banks, processors, and businesses alike, PayPhi from PhiCommerce provides a frictionless payments experience by integrating all consumer touchpoints online, mobile, in-store, or doorstep and payment modes on a singular platform.
