Wij willen met u aan tafel zitten en in een openhartig gesprek uitvinden welke uitdagingen en vragen er bij u spelen om zo, gezamelijk, tot een beste oplossing te komen. Oftewel, hoe kan de techniek u ondersteunen in plaats van dat u de techniek moet ondersteunen.

Manila-based financial tech startup PayMongo has raised $ 2.7 million in seed funding to give merchants in the Philippines and other Southeast Asian markets simple ways to set up online payments. Investors included Founders Fund, Peter Thiel and Stripe, with participation from Y Combinator (PayMongo is the first Philippine fintech company it has funded), Global Founders Capital, Soma Capital, Tinder co-founder Justin Mateen and other angel investors.

PayMongo was launched in June by a founding team that includes CEO Francis Plaza, COO Edwin Lacierda, CTO Jamie Hing and chief growth officer Luis Sia. Since then, more than 1,000 businesses have started using its platform and the startup says its total transaction value processed is growing at an average of 117% week over week. PayMongo’s seed round will be used for hiring, product development, business acquisitions and strategic partnerships.

paymongo founders

PayMongo founders

The startup will focus on the Philippines first, where the country’s central bank has set a target of increasing the rate of cashless payments to 20%. Plaza says PayMongo’s goal is to become the largest payment service provider in the country before expanding to other markets in Southeast Asia.

Prior to launching PayMongo, its team spent several years working on other projects. During that time, they realized payments were the hardest feature to integrate into products and services. Even though the Philippines’ Internet economy is growing quickly (a report from Google expects it to increase from $ 5 billion in 2018 to $ 21 billion by 2025) and more people are using e-commerce, online payments have lagged behind the rest of the world, Plaza says.

“When you want to launch something online for a payment gateway, you have to deal with banks and many different financial institutions. It takes months, we tried it ourselves, from negotiating rates to submitting paperwork. It takes a long time, and then in the end you are charged high fees,” he tells TechCrunch.

Even after businesses finish dealing with banks, they need to figure out payment gateways that are often difficult for people with little tech experience to start using.

PayMongo has already partnered with several financial institutions and its technology, including a payments API that Plaza says can be set up in minutes, is designed to be user friendly. Since many online merchants in the Philippines sell through social media platforms and messaging apps, like Facebook, Instagram, Viber and WhatsApp, PayMongo also provides customizable payment links that they can send to customers.

The credit card penetration rate in the Philippines is only about 6%, Plaza says, so PayMongo also supports e-wallets like GCash and PayMaya and services that allow people to pay for online purchases in cash at convenience stores. PayMongo’s products for micro-entrepreneurs, like freelancers and people who sell items through social media, help it differentiate from competitors like Paynamics, Dragonpay and PesoPay that typically focus on serving larger businesses (though Plaza says PayMongo has also been adopted by large retail chains).

In a statement, Y Combinator partner Kevin Hale said “At YC, we love companies who build services that empower startups. We believe PayMongo will provide the infrastructure that is needed for more Filipinos to become founders who are in charge of their own destiny.”


TechCrunch

Automating agriculture is a complex proposition given the number and variety of tasks involved, but a number of robotics and autonomy companies are giving it their best shot. FarmWise seems to have impressed someone — it just raised $ 14.5 million to continue development of its autonomous weeding vehicle.

Currently in the prototype stage, these vehicles look like giant lumbering personnel carriers or the like, but are in fact precision instruments which scan the ground for invasive weeds among the crop and carefully pluck them out.

“Each day, one FarmWise robot can weed crops to feed a medium-sized city of approximately 400,000 inhabitants,” said FarmWise CEO Sebastien Boyer in a press release announcing the latest funding round. “We are now enhancing the scale and depth of our proprietary plant-detection technology to help growers with more of their processes and on more of their crops.”

Presumably the robot was developed and demonstrated with something of a specialty in one crop or another, more as a proof of concept than anything.

Well, it seems to have proved the concept. The new $ 14.5 million round, led by Calibrate Ventures, is likely due to the success of these early trials. This is far from an easy problem, so going from idea to nearly market-ready in under three years is pretty impressive. Farmers love tech — if it works. And tiny issues or error rates can lead to enormous problems with the vast monoculture fields that make up the majority of U.S. farms.

The company previously took in about $ 5.7 million in a seed round, following its debut on Alchemist Accelerator’s demo day back in 2017. Robots are expensive!

Hopefully the cash infusion will help propel FarmWise from prototype to commercialization, though it’s hard to imagine they could build more than a handful of the machines with that kind of money. Perhaps they’ll line up a couple big orders and build on that future revenue.

Meanwhile they’ll continue to develop the AI that powers the chunky, endearing vehicles.

“Looking ahead, our robots will increasingly act as specialized doctors for crops, monitoring individual health and adjusting targeted interventions according to a crop’s individual needs,” said Boyer. So not only will these lumbering platforms delicately remove weeds, but they’ll inspect for aphids and fungus and apply the necessary remedies.

With that kind of inspection they can make a data play later — what farmer wouldn’t want to be able to digitally inspect every plant in their fields?


TechCrunch

Call the rollers of big rounds,
The well-capitalized ones, and have them back
makers of rooms themed like concupiscent curds.

Let the influencers gather in the styles
they love to wear, and let other startups
throw away their term sheets like last month’s newspapers.
Let be be finale of seem.
The only museum is the Museum of Ice Cream.

Take from the dresser of deal
a term sheet for $ 40 million,
to give a $ 200 million valuation to Figure8
“an experience-first development company”
created to commercialize backdrop boudoirs.

Museums displayed art once
But now that achievement is
a backdrop for a human face.
All aesthetics ignored, they come
To show how bold they are, and stunned.

Let investors like
Elizabeth Street Ventures, Maywic Select Investment, and OCV Partners beam.
The only museum will be the Museum of Ice Cream.


TechCrunch

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