Payment solutions provider PhiCommerce raises $10 million

SaaS-based omnichannel payment solutions provider PhiCommerce has raised $10 million in a new funding round. The round was led by Beenext, a Singapore-based venture capital firm that invests in India and Southeast Asia.

Opus Ventures also participated in the round. The funds will be used to drive PhiCommerce’s expansion into international geographies and develop solutions to further its play in the payments ecosystem, said a statement from the payment solutions provider.

The Pune-based company is an application programming interface-based platform for banks, processors and large, medium and small businesses to process payments through online touchpoints, mobile, in-store, or at the doorstep.

“We plan to utilise these funds over the next phase of our growth to roll out multiple new products. We also will be expanding our services to other geographies,” said Jose Thattil, CEO and co-founder, PhiCommerce.

PhiCommerce was set up in 2015 by Thattil, Tushar Ashok Shankar, Anil Sohanlal Sharma and Rajesh Hanumantrao Londhe.

“PhiCommerce has successfully solved complex payment requirements and demonstrated its prowess to process digital payments at scale in the Indian market. They are now actively expanding their footprint into international markets, aiming to replicate their success on a global scale,” said Hero Choudhary, managing partner at Beenext.21