Fin-Tech platform PayGlocal has raised $4.9 million in a Series A funding round led by Sequoia Capital India with participation from BeeNext, Jitendra Gupta and Amrish Rau.
The company will use the funds to grow the merchant and partner ecosystem, scale up the product and expand the team.
Launched in 2021 by Prachi Dharani, Rohit Sukhija and Yogesh Lokhande, PayGlocal enables merchants to accept payments from global customers by offering end to end payment processing, risk management and a global stack for accepting payments.
It offers a central place for its merchants to check details related to their transactions, download reports, and reconcile their payments received from PayGlocal. Additionally, its advanced fraud prevention capabilities and chargeback protection enable merchants to accept only legitimate payments, filtering out suspicious transactions and blocking the fraudulent ones.
The Bengaluru-based firm which is currently a team of 28 is aiming to increase the team size by at least 50% by March 2022.