Higala, a banking infrastructure startup in the Philippines, has completed its seed funding round, raising US$4 million.
The round included investments from Talino Venture Studios, Chemonics International, Kadan Capital, Tenco Capital, and 1982 Ventures.
This funding comes after Higala’s seed extension round in March, which was led by 1982 Ventures.
The new funding will help Higala speed up its efforts to digitise rural banks and microfinance institutions in underserved areas of the Philippines, where many people still have limited access to financial services.
“This funding will help us bring unprecedented growth to financial institutions and their customers in places bereft of digital enablement,” said Higala founder and CEO Winston Damarillo.
Higala, a licensed payment system operator, promotes financial inclusion by reducing the cost of real-time payments, allowing financial institutions to offer instant payments at fair prices.
The company also focuses on providing inclusive financial solutions to the underbanked and helping merchants quickly start accepting digital payments.
“Connecting rural banks to Instapay and the wider digital ecosystem is not simply an act of digitalisation, but a deeper commitment to accelerate financial inclusion in underserved areas,” said Lito Villanueva, Executive Vice President and Chief Innovation and Inclusion Officer at Rizal Commercial Banking Corporation (RCBC).
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