Kollab Backs PayRex with $2M Series A investment
Kollab Backs PayRex with $2M Series A investment
Local fintech platform PayRex is set to accelerate its expansion after securing a $2 million Series A investment from venture firm Kollab, signaling growing confidence in the Philippines’ rapidly evolving digital payments market.
The funding comes as young, mobile-first Filipinos continue to reshape how businesses accept and process payments. With e-wallets and online transactions becoming the norm, demand for secure and seamless payment infrastructure is rising across industries.
Kollab’s investment targets Evolut10n Labs, Inc., which operates PayRex, as it looks to bring modern, end-to-end payment solutions to more local merchants.
PayRex builds momentum since 2023 launch
Founded by fintech veterans Jaime Hing and Edwin Lacierda, PayRex launched in late 2023 and has since positioned itself as a full-stack payment provider for Philippine businesses.
The platform offers PCI DSS-compliant payment solutions that support credit and debit cards, GCash, Maya, and other major payment channels. It also provides tools for billing, payment pages, finance automation, and integrations with platforms such as Shopify, QR Ph, and Billease.
PayRex operates under the supervision of the Bangko Sentral ng Pilipinas, aligning its services with global security and regulatory standards. Hing and Lacierda are also known as co-founders of PayMongo, giving the startup added credibility in the local fintech space.
Series A funding to fuel expansion and product development
Kollab said the Series A investment will allow PayRex to accelerate product development while expanding its merchant network nationwide.
PayRex plans to roll out new solutions currently in its pipeline and increase transaction volumes by onboarding more businesses across different sectors. The company already supports merchants such as De La Salle–College of Saint Benilde, Wheyl Nutrition, and Linya-Linya.
Several SM Investments subsidiaries, including SM Markets, National University, and The SM Store, also use PayRex’s payment systems. SM Investments is an early investor in the fintech firm.
“Here at PayRex, we empower businesses in the digital era,” said PayRex Co-Founder and CEO Jaime Hing. “This investment will help us simplify operations for more merchants and improve customer experience across the board.”
Kollab partnership signals confidence in local fintech
PayRex Co-Founder and President Edwin Lacierda said the partnership marks a critical next phase for the company.
“This is an exciting step forward for PayRex,” Lacierda said. “Together with Kollab, we aim to help more Filipino businesses succeed as digital payments become essential to economic growth.”
For Kollab, the investment reflects a long-term bet on the Philippines as one of Southeast Asia’s most promising fintech markets, driven by a digitally fluent population and increasing adoption of cashless payments.
As PayRex scales its platform and merchant reach, the company is positioning itself as a key enabler of the country’s shift toward a more connected and digital-first economy.