The JiPay team
JiPay, a Singapore-based fintech startup creating an inclusive financial services platform for migrant domestic workers, has secured US$ 1.3 million in seed funding.
The East Ventures-led round also saw participation from SHL Capital and strategic angels, including the Manila Angel Network and Shivaas Gulati (Co-Founder of Remitly).
JiPay was founded in late 2020 by Dayana Yermolayeva (CEO). The startup aims to build trust between families and their domestic helpers.
Employers use the JiPay app and its connected free Mastercard to track household expenses. They can top up funds, view transactions and gain insights on weekly spending trends through the app. They don’t have to worry about money going missing and even get 1.5 per cent cashback on card purchases at supermarkets and many other stores.
Helpers can use the JiPay Mastercard to shop for their employers. The card is accepted in stores, online, and on public transport. Helpers can PayNow directly from the JiPay app for wet markets that do not accept cards. Helpers can also view the card’s balance and transactions so they budget more effectively.
Customers don’t have to keep asking for cash, keep receipts or carry around loose change. With fewer money disputes, helpers and their employers can build trust.
“We started our journey with a product catering to families who hire helpers. This has allowed us to learn more about helpers’ financial habits and get the endorsement from their employers for when we offer personal finance features to FDWs,” said Yermolayeva.
“We already have more than a thousand of Singapore’s helpers using JiPay for household expenses, so we have a platform from which we can offer personal finance products directly to them. Our employer customers help educate FDWs on the benefits of using JiPay for their own finances, which helps with initial onboarding and adoption,” she added.
The firm claims it recently hit US$1 million in card spending, and its transaction volume has increased more than 10x in the past six months. JiPay will allocate the newly received funding to teambuilding and product development.
JiPay’s next key milestone is to launch a personal finance product for helpers. With this, workers will be able to receive salary payments onto their JiPay Personal Account, send money home via JiPay Remit, and use JiPay Save to set money aside for large expenses such as property purchases or children’s university fees.
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