Pune based digital payments firm, Phi Commerce has raised $4 million in a Series-A funding round led by Singapore venture capital Beenext and Yatra Angel Network (YAN), a VC firm headed by veteran fintech professional Abhishant Pant. The fresh infusion of capital will be used by Phi Commerce to expand its market presence, enter new geographies and improve product offerings said a company statement.

Founded in 2015, Phi Commerce is an omni channel digital payment firm that powers over 100 million transactions every month. The firm’s API first digital payments platform PayPhi integrates all consumer touch points online, mobile, in-store, or doorstep and payment modes on a singular platform. The platform has been used for conducting transactions for payment schemes, banks, processors and large, medium & small businesses.

Jose Thattil, CEO & Co-Founder, Phi Commerce noted that today’s consumers and businesses demand seamless payment transactions, that almost border or invisible. Speaking about the startup’s platform he said, “We are proud that within a short span of time, PayPhi, with its revolutionary API-first architecture, has successfully proven its capability to meet hitherto unaddressed requirements at scale across online, in-store and door-step commerce. The need to eliminate friction in payments with 100% reliability is a universal requirement across advanced as well as emerging economies and we are confident we will soon be replicating this success in global markets.”

Speaking about the investment, Hero Choudhary, Partner, BEENEXT, said, “India is probably the most complex payment market in the world with all sorts of payment form factors. The Phi Commerce team has built a remarkable product covering end to end omni-channel payments at scale. Their technology solution is scalable across the globe and we are proud to partner with the Phi team in their journey.”