The Philippines-based fintech firm Higala has extended its seed funding round to $2.8 million, securing fresh investment from Talino Venture Studios, a global venture studio specializing in sustainable innovation. The announcement was made on Wednesday, highlighting the firm’s commitment to revolutionizing digital payments in the country.
Investment and Future Plans
The seed fund extension was led by 1982 Ventures, a Singapore-licensed venture capital firm. This additional funding will support Higala’s upcoming launch in the second quarter of this year, enabling smaller banks and financial institutions to offer seamless digital payment services. By providing a gateway to instant payment systems, Higala aims to enhance financial inclusion in the Philippines.
“This funding milestone will significantly benefit our growing ecosystem, which now includes an instant payment system, a platform bank, and an extensive network of collaborators,” said Winston Damarillo, CEO of Higala. “Our goal is to improve financial system resilience and accelerate the adoption of digital banking.”
Advancing Financial Inclusion
Higala operates as a registered Operator of a Payment System (OPS) in the Philippines, pioneering inclusive instant payment solutions. Built on Mojaloop technology, the company’s open payments infrastructure connects banks, e-money issuers, and financial institutions, making transactions more affordable and accessible. This initiative aligns with the Bangko Sentral ng Pilipinas’ (BSP) broader strategy to enhance financial inclusion nationwide.
Since its inception last year, Higala has expanded its network, integrating rural banks, thrift banks, commercial banks, and electronic money issuers. The firm is focused on reducing transaction costs and eliminating barriers to real-time digital payments, ensuring that underserved financial institutions can participate in the broader financial ecosystem.
Support from Industry Leaders
Scott Krivokopich, Managing Partner at 1982 Ventures, expressed confidence in Higala’s mission, stating, “Higala’s innovative approach to inclusive instant payments aligns with our vision of using fintech to improve lives. Their team has a strong track record in developing core payments infrastructure, and we are proud to support their efforts in modernizing the country’s payment rails.”
Strategic Partnerships Driving Growth
Recently, Rizal Commercial Banking Corporation (RCBC) partnered with Higala to integrate core technology into SynerFi, an open payments platform designed to enhance digital payment accessibility for smaller financial institutions.
“Built on modern ISO 20022 native infrastructure, Higala’s network allows partners to introduce new services and reach underserved market segments while strengthening existing business lines with improved reliability and lower costs,” explained Vice Catudio, President and Chief Revenue Officer of Higala.
Higala’s expanding network includes key partnerships with commercial banks, e-money issuers, and payment system operators, enabling interoperability and new revenue opportunities. Some of the financial institutions publicly announced as part of Higala’s network include:
- Rizal Microbank
- Guagua Rural Bank
- SNR Rural Bank
- Lagawe Highlands Rural Bank
- Rural Bank of Cadiz
- Rural Bank of Cabatuan
- Rural Bank of Ilog
- Marayo Bank
- Rural Bank of Roxas
- Pangasinan Bank
- Money Mall Rural Bank
- Rural Bank of Kapalong
- Rural Bank of Solano
- Rural Bank of Lebak
- First Philippine Partners Bank
- Rural Bank of Matag-ob
- Rural Bank of Silay
A Milestone in the BSP’s Open Finance Roadmap
RCBC’s Executive Vice President and Chief Innovation and Inclusion Officer, Lito Villanueva, emphasized the impact of this initiative, stating, “This marks a significant step forward in BSP’s open finance roadmap, focusing initially on open payments to create seamless digital transactions.”
Higala’s efforts were first introduced at the Philippines Country Pavilion in November last year and continue to gain traction. The company remains committed to working with partners such as RCBC, Xendit, FinTech Alliance PH, and the Rural Bankers Association of the Philippines to expand its reach.
Powered by Mojaloop technology—an open-source instant payment system supported by the Bill & Melinda Gates Foundation—Higala is positioned to play a critical role in advancing digital financial services in the Philippines.
