Financial technology (fintech) start-up JazzyPay Inc. recently raised additional funds in its bid to boost cashless payments in the Philippines.
In a recent statement, the company said it raised $500,000 (about P24.251 million) in seed financing from Singapore-headquartered venture capital firm Cocoon Capital Partners Pte Ltd.
JazzyPay said it is allocating the fresh funds to expand its network of partner merchants across the country and to form its management team.
It is also earmarking for product developments, which include better efficiency for merchants and improved user experience.
JazzyPay said that merchants can avail of its cashless payments solutions within one day and it does not require a deposit.
The firm offers unified payment platforms for its business partners, allowing them to accept payment via 27 payment methods, including credit and debit cards, online banking, e-wallets and over-the-counter deposits.
“In an emergency, the payment method should be the least of your worries,” JazzyPay Chief Operating Officer and Co-founder Kathleen Acosta said.
“With JazzyPay, all Filipinos, including overseas Filipino workers, are now empowered to pay for hospital bills and tuition fees for themselves and for their families,” Acosta added.
The fintech firm said that the traditional players usually require $10,000 per payment terminal, making it inaccessible for most clients to use digital payments. This resulted in 80 percent of hospitals, dentists and schools relying on cash or checks for payments with big sums, according to JazzPay.
“Our secure platform gives overseas family members assurance that their funds go directly to the intended recipients,” Acosta added.
JazzyPay was launched in 2018 and has been serving hundreds of merchants such as hospitals, schools, clinics and medical suppliers since.
It is a registered operator of payments system regulated by the Bangko Sentral ng Pilipinas. The startup recently acquired the Payment Card Industry Data Security Standard Level-1 Certificate.