MANILA  -BayaniPay, a digital remittance platform catering to overseas Filipino workers and migrants in the United States, is keen on expanding in North America, where it sees a great need for money transfer services.

Winston Damarillo, CEO of BayaniPay, said in a press briefing on Wednesday they were aiming to have presence in Canada by the first quarter of next year after establishing footprint in California, Hawaii, New Jersey and Alaska.

The Philippines is among the leading sources of new immigrants in Canada, comprising over 900,000. The figure is expected to grow as more Filipinos move to the country to study and work.

READ: US-based Filipinos can now easily pay amortizations in PH

Other target destinations for BayaniPay included Illinois, Nevada, New York and Washington, Damarillo said.

“We aim to sustain this momentum and explore new territories. Our commitment toward improving and growing our platform is driven by the desire to make the lives of Filipinos easier, wherever they may be found,” Damarillo said.

He also shared that the Filipino-owned fintech company based in Los Angeles was looking into providing lending services to clients.

Amid its expansion plan, Damarillo announced the company recently raised $2.1 million in fresh funding, bringing its total capitalization to $6.6 million. The fundraising activity was led by existing investors Talino Ventures and PTGB.

BayaniPay is aiming to reach P1 billion worth of transaction value this year, which is three times more than it registered in 2022.

Damarillo said they could still exceed the target by 20 percent at most, especially with the upcoming holiday surge.

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