Fintech startup raises $4.5 million from investors
FINANCIAL technology (fintech) firm Bayani Pay Inc. announced it raised $4.5 million in a seed funding round led by Talino Venture Labs Pte. Ltd., Wavemaker Partners Global Ltd. and East West Bank of America.
BayaniPay CEO Winston Damarillo, who announced the development at a news event last Wednesday night, said the new funding will enable the fintech to expand its suite of services and expand its corporate customer base.
Damarillo expressed “excitement” at the growth of the company headquartered in California, USA.
“Our ongoing efforts are driven by the desire to eliminate the economic hardships of new immigrants and minority communities,” he added.
Wavemaker Partners managing partner Frederick T. Manlunas said the group sees a big opportunity in the money transfer and payments market, given that the need for cross-border payment solutions has become “more urgent”, especially with the “painful and expensive” fees charged to senders .
“BayaniPay addresses this pain point with their suite of payment solutions that simplify the various types of transfers,” Manlunas said. “Whether the need is peer-to-peer, consumer-to-business or business-to-business, BayaniPay has created intuitive solutions to make this payment journey a simple and cost-effective exercise.”
East West Bank of America President and CEO Parker Shi said the investment the financial institution made in BayaniPay reflects its belief in the strong collaboration that began between the two groups earlier this year.
BayaniPay contracted with East West Bank, the largest independent bank headquartered in Southern California, to provide banking services to Filipino American customers, including a Federal Deposit Insurance Corp. (FDIC) insured checking account.
Shi said they “applaud BayaniPay’s progress in using our digital banking technology to provide omnichannel banking services as a service to underserved customers.”
“This means that BayaniPay customers can enjoy the same quality of service whether they are banking with their mobile devices or transacting in their local East West Bank branch,” Shi added. Aside from this, Damarillo said BayaniPay has strengthened its partnership with BDO Unibank Inc. to enable the first cross-border digital payments and transfer services between the US and the Philippines.
BayaniPay partners with BDO Unibank to enable US users to pay for services directly in the Philippines through payment code technologies.
Local businesses and services can simply provide Filipino-American customers with payment codes that they can use for easy and convenient cross-border payment of bills, tuition and fees, medical expenses, and even property.
Damarillo said the opportunity for the market is huge, given that Filipino-Americans account for $146 billion of the Asian-American market.
