PayRex Secures USD 2M Series A Funding as Digital Payments Surge in the Philippines

Young, mobile-first, and digitally fluent Filipinos are transforming the way money moves. As everyday payments increasingly shift to digital platforms, the Philippines is emerging as one of Southeast Asia’s most promising fintech markets, driven by a growing demand for fast, secure, and seamless e-payment solutions.

Recognizing this momentum, Kollab has committed USD 2 million in Series A funding to local fintech startup Evolut10n Labs, Inc., operating as PayRex, strengthening efforts to modernize payment systems for businesses across the country.

Launched in late 2023, PayRex has quickly established itself as a leading provider of end-to-end online payment solutions in the Philippines. Designed for modern businesses, the platform goes beyond simple transaction processing by meeting global cybersecurity standards that protect sensitive financial data. Its leadership team—co-founded by Jaime Hing and Edwin Lacierda, also known for co-founding PayMongo—brings deep expertise and credibility to the local fintech space.

PayRex offers PCI DSS-compliant payment solutions that support credit and debit cards, GCash, Maya, and other popular payment methods Filipinos use daily. The platform also provides finance automation tools, billing statements, payment pages, and integrations with Shopify, QR Ph, and Billease, helping businesses streamline operations with ease. With a transparent and straightforward pricing model, PayRex allows merchants to adopt digital payments with confidence. The company operates under the supervision of the Bangko Sentral ng Pilipinas.

Kollab’s Series A investment will fuel the development of new solutions currently in PayRex’s pipeline, while also supporting its expansion to more merchant partners nationwide and increasing overall transaction volumes.

Today, PayRex serves a growing roster of merchants across industries, including De La Salle College of Saint Benilde, Wheyl Nutrition, and Linya-Linya. Major organizations under SM Investments, such as SM Markets, National University, and The SM Store, also utilize PayRex’s payment solutions, with SM Investments being an early investor in the company.

“Here at PayRex, we empower businesses in the digital era. Our platform is built to solve modern fintech needs to help businesses simplify their operations and enhance customer experience,” said Jaime Hing, Co-Founder and CEO of PayRex. “We are grateful to have found a like-minded partner in Kollab and are confident that this Series A investment will help us build the future of payments in the Philippines.”

PayRex Co-Founder and President Edwin Lacierda echoed this optimism, saying, “It is truly exciting to be moving into the next phase of PayRex together with Kollab. This partnership will help shape economic progress in the Philippines as more businesses accept digital payments. As we enter this next chapter, we renew our commitment to help local businesses achieve financial success.”

With this latest investment, PayRex is entering a new era, one that accelerates innovation and supports Filipino enterprises as they grow, scale, and thrive in an increasingly digital economy. For more information, visit payrex.com.