PhiCommerce, a fintech firm, has successfully raised $10 million in a funding round led by Singapore-based venture capital firm BEENEXT, with Opus Ventures also participating.

This funding, part of its Series A1, is earmarked for PhiCommerce's global expansion and the development of innovative solutions to enhance the payments ecosystem.  

According to a statement from the company, the funds will be utilised to introduce new products aimed at reducing friction in digital payments and improving overall ecosystem efficiency. PhiCommerce's CEO and co-founder, Jose Thattil, expressed plans to expand services beyond the Indian market, leveraging the success achieved domestically. 

 "We plan to utilise these funds over the next phase of our growth to roll out multiple new products that will continue to reduce friction in digital payments and will bring in increased efficiencies to the ecosystem at large. On the back of our success in the Indian market, we also will be expanding our services to other geographies," PhiCommerce CEO and co-founder Jose Thattil said. 

Having previously secured $20 million, Thattil envisions significant growth, anticipating a threefold increase in 2023-24 compared to the previous year.  

The company aims to maintain a robust year-over-year growth rate of 2.5-3 times over the next couple of years, primarily driven by international business expansion. Thattil sets a goal to achieve breakeven by March 2025.