BayaniPay, a fintech startup offering cross-border financial services to Filipino professionals in the US, has secured US$4.5 million seed funding from East West Bank, Wavemaker Partners, and Talino Venture Labs.
The fresh capital from East West Bank and Wavemaker Partners will allow BayaniPay to expand the technology team as it scales its product lineup and expands into more geographies.
Based in Los Angeles, BayaniPay offers low-cost cross-border financial services from the US to the Philippines. It provides access to a digital checking account, a debit card, and zero-fee remittance forex rates for Filipino Americans sending money home.
Earlier this year, BayaniPay signed a contract with East West Bank in Southern California to offer banking services, including a Federal Deposit Insurance Corporation (FDIC) insured checking account, for Filipino American customers.
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This collaboration enables BayaniPay to offer cross-border, digital financial services for the 4.2-million-strong Filipino American community, which accounts for US$146 billion or 14.4 per cent of the Asian American market in the US.
BayaniPay already has partnerships with BDO Unibank in the Philippines, media firm Asian Journal, and Seafood City, a Filipino-owned supermarket chain in the US.
BayaniPay collaborates with BDO Unibank to enable its users in the US to pay for services in the Philippines through pay code technologies directly. Local businesses and services can provide Filipino American customers with pay codes that they can use for easy and convenient cross-border payment of bills, tuition and school fees, medical expenses, and even real estate.
Through BDO Unibank, BayaniPay offers zero fees and market-leading exchange rates. BayaniPay has gained over 7,000 users.
“Streamlining cross-border payment systems has become more urgent than ever as remittances grow in scale from overseas workers. Unfortunately, even today, existing remittance methods remain painful and expensive for the average remitter. BayaniPay is addressing this pain point with its suite of payment solutions that simplify various remittances,” said Eric Manlunas, Founder and Managing Partner of Wavemaker Partners.
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