Higala, an instant payment system in the Philippines, has extended its seed funding round to $2.8 million with new investment from Talino Venture Studios, a global firm focused on sustainable innovation. Singapore-based venture capital firm 1982 Ventures led the funding round.
Set to launch in the second quarter of this year, its platform will help smaller banks and financial institutions to offer digital payment services, giving them access to instant payment systems.
It aims to improve financial inclusion by connecting underserved financial institutions and making digital payments more accessible and interoperable.
Registered as a payment system operator in the Philippines, Higala uses Mojaloop technology to enable seamless, affordable and inclusive transactions, supporting the Bangko Sentral ng Pilipinas’ financial inclusion efforts.
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“This funding milestone of Higala will greatly benefit its robust ecosystem, which now includes an instant payment system, a platform bank, and an extensive network of collaborators who are all committed to improving financial system resilience and accelerating the adoption of digital banking,” said Higala Chief Executive Officer Winston Damarillo.
“Higala’s innovative approach to inclusive instant payments is directly aligned with our vision of using fintech to change lives. The firm’s team is incredible with a proven track record in building core payments infrastructure and we are proud to partner with the firm in launching a modern payments rail, which will make the Philippines’ five billion monthly transactions faster, cheaper, and available to all sectors of the economy,” said Scott Krivokopich, Managing Partner at 1982 Ventures.
“Built on modern ISO 20022 native infrastructure, Higala’s network enables its partners to launch new services and reach new segments, while strengthening existing business lines with increased reliability and lower costs,” stated Higala President and Chief Revenue Officer Vice Catudio.
Since its launch last year, It has been expanding financial access by connecting rural banks, thrift banks, commercial banks, and e-money issuers, while also lowering transaction costs and simplifying real-time payments.
Recently, Rizal Commercial Banking Corporation (RCBC) partnered with it to provide core technology for SynerFi, an open payments platform that helps smaller financial institutions in the country access digital payments.
About Higala
Higala is an instant payment infrastructure service provider empowering financial institutions to move money seamlessly and to connect new market players––all in an effort to advance a resilient and inclusive financial system.
