New Delhi, Jun 18 (PTI) Payment solutions startup PayGlocal on Saturday announced that it has raised USD 12 million in a funding round that was co-led by Tiger Global and Sequoia Capital India and saw participation from existing investors.

The 'Series B round' comes on the heels of a USD 4.9-million Series A funding round that was led by Sequoia Capital India back in December 2021, the company said in a statement.

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"...PayGlocal today announced that it has raised USD 12 million in a Series B funding round that was co-led by Tiger Global and Sequoia Capital India, along with participation from existing investors BeeNext, Pinelabs' Amrish Rau , Jupiter's Jitendra Gupta, and White Ventures' Sweta Rau. Also joining the captable is CRED's Kunal Shah," the statement added.

PayGlocal plans to use the funds to further scale its cross-border merchant payments solution. The startup also plans to launch new cross-border payments solutions to help international merchants receive payments from Indian consumers as well as cross-border business-to-business solutions.

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Founded in 2021 by payment industry veterans Prachi Dharani, Rohit Sukhija, Yogesh Lokhande and Ruby Jain, PayGlocal enables merchants to accept and collect payments from customers outside India in the currency of their choice and using their own cards or non-card payment options.

"We have observed remarkable growth within just 14 months of launch and received phenomenal feedback for our platform from merchants who are happy with the increase in international payments success rate and a reduction in the risk associated with the processing of cross-border transactions," Prachi Dharani, co-founder and CEO, PayGlocal, said.

Dharani added: "We are very excited with the response we have got so far and are committed to making continued investments in people and products to turbocharge our growth."

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)