Talino Venture Studios, Chemonics International, Kadan Capital, Tenco Capital, and 1982 Ventures have closed Higala’s seed funding round to $4 million, amplifying its abilities to digitally transform rural banks and other microfinance institutions in underserved communities.
The funding will also help Higala accelerate the financial inclusion capabilities of SynerFi, an open payments platform that reduces barriers and accelerates the participation of smaller financial institutions in InstaPay, Higala said in a statement on Tuesday.
“We are proud of this monumental milestone for Higala that will help bring unprecedented growth to financial institutions and their customers in places bereft of digital enablement,” said Higala Founder and Chief Executive Officer Winston Damarillo.
Higala Chairman and Chemonics International President and Chief Executive Officer Jamey Butcher also commented that after successfully raising our target seed funding of $2.8 million, the firm has expanded its round to $4 million due to increased interest in Higala and signaling investor confidence in its product.
“This is a huge step towards financial inclusion, which Chemonics has been committed to supporting in the Philippines for almost 40 years,
“As a company with experience in over 160 countries, we’ve seen firsthand how inclusive digital tools can transform lives and communities. SynerFi is not just a breakthrough for the Philippines—it’s part of a broader global shift toward empowering underserved populations through technology,” he added.
Among the onboarded rural banks in SynerFi include Rural Bank of San Antonio, Inc., Rural Bank of Lipa City (Batangas), Inc., Progressive Rural Bank, Inc., Banco Abucay, Inc., Rural Bank of Hermosa (Bataan), Inc., Money Mall Rural Bank, Inc., First Philippine Partners, Bank, Inc. (A Rural Bank), and Lagawe Highlands Rural Bank, Inc.
“Connecting rural banks to Instapay and the wider digital ecosystem is not simply an act of digitalization, but a deeper commitment to accelerate financial inclusion in underserved areas,
“SynerFi by RCBC powered by Higala continues to demonstrate its promise to drive financial access beyond urban areas and materialize the government’s sustainable agenda,” said Lito Villanueva, Executive Vice President and Chief Innovation and Inclusion Officer of Rizal Commercial Banking Corporation (RCBC).