Meaning of the word "pony up" in English

What does "pony up" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

pony up

US /ˈpoʊ.ni/
UK /ˈpəʊ.ni/

Phrasal Verb

to pay money, especially a large amount or an amount that you are unwilling to pay

Example:
It's time to pony up for the new project.
The company had to pony up a large sum to settle the lawsuit.