Kollab Invests US$2 Million in Philippines Payment Startup PayRex

Digital transformation consultancy Kollab has invested US$2 million in a Series A funding round for Evolut10n Labs, Inc., operating as PayRex, to support the fintech startup’s expansion in the Philippines.

Launched in late 2023, PayRex provides end-to-end online payment solutions, including PCI DSS-compliant processing for credit and debit cards, as well as integrations with local e-wallets like GCash and Maya.

Jaime Hing and Edwin Lacierda co-founded the company, bringing experience from their previous role as PayMongo co-founders.

PayRex will use the new capital to accelerate the development of upcoming products and services. Additionally, PayRex aims to expand its merchant base across the country and increase its transaction payment volume.

The startup currently services a diverse range of clients, including De La Salle – College of Saint Benilde, Wheyl Nutrition, and Linya-Linya.

Subsidiaries of SM Investments, such as SM Markets and The SM Store, also utilise PayRex’s payment solutions; SM Investments is noted as an early investor in the company.

PayRex offers tools for finance automation, billing statements, and payment pages, alongside integrations with platforms like Shopify and QR Ph. The company is under the supervision of the Bangko Sentral ng Pilipinas.

Jaime Hing, Co-Founder and CEO of PayRex, stated that the platform simplifies operations for modern businesses.

Co-Founder Edwin Lacierda added,

Featured image by Kollab.

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