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§ Private Profile · 1240 Rosecrans Ave Ste 120, Manhattan Beach, California, 90266, United States
Fintech neobank for Filipino Americans. Digital banking, checking accounts, debit cards, and zero-fee remittances for U.S.-Philippines transfers.
BayaniPay is a Manhattan Beach, California-based financial technology company that provides cross-border digital banking and zero-fee remittance services for global professionals and immigrant families. The neobank primarily targets the $12 billion United States-to-Philippines remittance market by allowing users to securely send money and pay local bills directly overseas. To support its growth, the enterprise has raised $4.5 million in seed funding to expand its mobile application and branchless banking operations across multiple states, including California, Hawaii, New Jersey, and Alaska. BayaniPay generates its revenue through foreign exchange spreads and interchange fees derived from linked debit cards. The platform operates alongside strategic partners and institutional investors such as East West Bank, BDO Unibank, Wavemaker Partners, and Talino Venture Labs. The organization was founded in 2021 by Winston Damarillo, Craig Gledhill, and PT Lumenta.
BayaniPay has raised $13.1M across 4 funding rounds.
BayaniPay has raised $13.1M in total across 4 funding rounds.
BayaniPay is a fintech company founded in 2021 that builds a digital neobank platform offering cross-border remittances, bill payments, online banking, and rewards tailored for global professionals, starting with Filipino-Americans sending money to the Philippines.[1][2][4][6] It serves Filipino households and overseas workers (OFWs) by solving high fees, slow transfers, and limited access to affordable banking through a mobile app with zero-fee remittances, competitive forex rates like "Buena Mano," and partnerships with banks such as East West Bank (providing FDIC-insured checking accounts) and BDO Unibank.[1][2][4][6] The company has raised $9.6M total, including a recent $3M Series A extension 10 days ago, targeting $200M in payments processed by end-2024, with strong growth via expansions like Bayani GlobalPay and bill payments from the US/global.[1][4][6]
BayaniPay emerged from a partnership between inclusiontech venture studio Talino Venture Labs and The Asian Journal, a leading Asian American multimedia publisher, with initial seed funding of $4.5M in 2022 from East West Bank, Wavemaker Partners, and Talino Venture Labs.[1][2] CEO Winston Damarillo, based in Los Angeles, founded it to deliver accessible remittances for Filipino-Americans, naming it after "bayani" (Filipino for "hero"), honoring overseas workers supporting families back home.[1][2][4] Early traction came from launching a web/mobile app in California for US-to-Philippines transfers (as fast as one day), authorization as BDO Unibank's agent, and quick expansion plans to other states and Asian communities, building on the $1T+ remittance market for Filipinos abroad.[2][4][6]
BayaniPay rides the global remittance boom (e.g., Filipino OFWs sending billions annually) and neobank wave, capitalizing on fintech democratization for underserved immigrant communities amid rising US-Asia migration and digital payment adoption.[1][2][4] Timing aligns with post-pandemic demand for borderless finance, low-fee alternatives to legacy wires, and real estate investment trends (e.g., Fil-Am buyers in P1T Philippine market), amplified by partnerships enabling B2B and institutional payments.[1][4][6] It influences the ecosystem by lowering barriers for diaspora banking, fostering inclusion for Asian-Americans, and paving expansion to broader global professionals, boosting Southeast US fintech ties.[2][3][4]
BayaniPay's momentum—$9.6M raised, recent $3M for bill pay/GlobalPay launch, and $200M payment goal—positions it for hypergrowth in remittances and neobanking.[1] Next steps include US state rollouts, European/US expert networks (via related expansions), and B2B scaling, shaped by forex volatility, regulatory easing for fintech, and AI-driven personalization trends.[1][2] Its influence could evolve from niche Fil-Am hero to pan-Asian borderless banking leader, transforming how global workers manage home ties—starting with remittances, ending with full financial empowerment.[3][4][6]
BayaniPay has raised $13.1M in total across 4 funding rounds.
BayaniPay's investors include Winston Damarillo, Wavemaker Partners, Unlock Venture Partners, PTGB, Talino Venture Studios.
BayaniPay has raised $13.1M across 4 funding rounds. Most recently, it raised $3.0M Seed in June 2024.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Jun 14, 2024 | $3M Seed | Winston Damarillo, Wavemaker Partners | — | Announced |
| Jun 1, 2024 | $3M Series A | Wavemaker Partners | Unlock Venture Partners, Ptgb, Talino Venture Studios | Announced |
| Sep 18, 2023 | $2.1M Seed Plus | — | — | Announced |
| Nov 1, 2022 | $5M Seed | — | Unlock Venture Partners | Announced |