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Winston Damarillo’s BayaniPay eyes 20 percent of remittance market

Financial technology firm BayaniPay is gearing up for growth as it aims to corner a fifth of the remittance inflows from the US in three years.

BayaniPay CEO Winston Damarillo said they could achieve 20 percent share earlier than projected depending on how successful the company is at customer acquisition.

The company serves the Filipino American community, the third-largest Asian American group in the US.

It recently raised $4.5 million in additional seed funding, mainly from East West Bank, Wavemaker Partners and Talina Ventures Labs.

BayaniPay is also partnering with BDO Unibank to deliver more solutions to overseas Filipino workers in the US.

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