Philippine-based fintech startup JazzyPay raises US$500,000 in a seed round funding from venture capital Cocoon Capital of Singapore. The company said it will use the fresh funds for product development, to build its management team, and grow its network of partner merchants across the country.
JazzyPay helps businesses of all sizes by giving them access to an efficient digital payment system without hefty and worrisome setup fees, subscription fees, or monthly sales quotas. The company’s vision is to provide world-class invoicing solutions not just in the Philippines, but also to other developing countries across Southeast Asia and even beyond.
Officially established under the company JazzyPay, Inc. in 2018 by Joshua Marindo and Kathleen Acosta, the company was chosen by Rakuten & Techstars as the only startup in the Philippines to participate in their accelerator program. Startup founders received their first funding, experienced world-class mentorship from tech and business giants, and even gained access to Techstars and Rakuten portfolio companies like Viber.
The future of the fintech startup is quite promising as this pandemic prompted people and businesses across the country to adopt cashless payment methods. The rise of a new cashless society plays a vital role in reducing the risk of virus transmission. More and more businesses in the Philippines are digitizing to adopt the new normal in their daily operations.
JazzyPay is regulated by the Bangko Sentral ng Pilipinas (BSP).