Kollab Backs PayRex with $2M Series A Investment

Young, mobile-first, and digitally fluent Filipinos are redefining how money moves. This new generation of users is now driving explosive growth in local digital financial services, positioning the Philippines as one of Southeast Asia’s most promising fintech markets as demand for secure and seamless e-payments continues to rise.

[L-R] PayRex Co-Founders Edwin Lacierda and Jaime Hing, and Kollab Co-Founders Herald Uy and Cyra Uy seal a $2 million Series A investment in PayRex to bring modern, end-to-end payment solutions to more businesses in the Philippines.

Recognizing this potential, Kollab has committed USD 2 million Series A funding in fintech startup Evolut10n Labs, Inc. (doing business as PayRex) to modernize local businesses’ payment systems with fast, easy, and secure payment solutions.

Since its launch in late 2023, PayRex has quickly earned its status as one of the country’s leading providers of end-to-end online payment solutions. Beyond digitizing business transactions, PayRex’s offerings meet global cybersecurity standards to safeguard clients’ sensitive information online. Its co-founders, Jaime Hing and Edwin Lacierda, are also established thought leaders in digital payments and were among the co-founders of PayMongo, another local fintech player.
 
PayRex provides PCI DSS-compliant online payment solutions that support credit and debit cards, GCash, Maya, and other leading payment options. They also provide finance automation, billing statements, payment pages, and integrations with Shopify, QR Ph, and Billease, among others. With a transparent and straightforward pricing model, PayRex enables businesses to simplify payment operations with confidence. PayRex is supervised by the Bangko Sentral ng Pilipinas.
 
Kollab’s Series A investment will enable PayRex to accelerate the development of new solutions and services that are currently in the pipeline. PayRex also plans to take advantage of its strong momentum by expanding to more merchant partners across the country and increasing its transaction payment volume.
 
Today, PayRex supports a growing base of merchants across all industries, including De La Salle - College of Saint Benilde, Wheyl Nutrition, and Linya-Linya. SM Investments subsidiaries such as SM Markets, National University, and The SM Store also utilize their payment solutions. SM Investments is an early investor in PayRex.
 
“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 PayRex Co-Founder & CEO Jaime Hing. “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 & President Edwin Lacierda also expressed his enthusiasm about this investment, “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.” He furthered, “As we enter this next chapter, we renew our commitment to help local businesses achieve financial success.”
 
Kollab’s Series A investment in PayRex marks a new era for the fintech provider, as it accelerates innovation in helping Filipino enterprises grow and scale their operations. For more information on PayRex, visit payrex.com.