Indian Cross-Border Payments Platform PayGlocal Raises $12M

PayGlocal, a payment solutions startup, has raised $12 million in a funding round, according to the Economic Times of India.

PayGlocal works on the allowance of merchants to take cross-border payments, and lets them use whatever currency and card they choose.

The new funding will go toward rolling out new payment solutions.

Founder Prachi Dharani reportedly said the merchants using the platform were happy with the payments success rate and lesser risks for the cross-border payment processing.

The round was led by Tiger Global and Sequoia Capital.

The report quoted Alex Cook, a Tiger Global partner, who says the idea was to improve the global payments landscape.

Cook said the landscape had to do with a “highly complex landscape” and it had a lot of checkpoints that had the effect of making it “burdensome and costly” for individuals as well as larger institutions.

He said India was on its way to being more important to global commerce, and there needs to be more innovation for cross-border payments.

See also: FLEETCOR Buys UK’s Cross Border Payments Provider Global Reach Group

PYMNTS wrote that FLEETCOR Technologies, the global business payments company, has signed an agreement to buy Global Reach Group, a way to help FLEETCOR boost its cross-border pay ability.

Global Reach’s services include facilitating international payments.

Ron Clarke, chairman and CEO for FLEETCOR, said the deal should be able to be “quickly integrated into our global business.”

FLEETCOR also recently bought Levarti, an airline software company, which gave it access to a suite of things including passenger notifications, flight rebookings and other ways to automate passenger disruptions, the report said.

Levarti boasts the MAX software which gives passengers an end-to-end digital experience going along with various functions, including check-in and contactless payments.

Clarke said the acquisition would help it “further automate and streamline passenger disruption events for our airline clients.”