JazzyPay raises US$500K from Cocoon Capital to help businesses adopt cashless payments amid COVID-19
JazzyPay, a fintech startup based in the Philippines, has raised US$500,000 in a seed round from Singaporean venture capital firm Cocoon Capital.
The company said that it will use the fresh funds for product development, to build its management team and grow its network of partner merchants across the country.
Founded in 2018, JazzyPay provides payments and invoicing solutions to consumers across Southeast Asia. It already has hundreds of partner merchants which include hospitals, schools, clinics, medical suppliers across the country. Some of them are Adventist Medical Center Manila, Adventist Hospital Santiago City, Manila Adventist College and the Dr Arturo P. Pingoy Medical Center.
According to co-founders Kathleen Acosta and Joshua Marindo, traditional players in the Philippines require businesses to pay deposits of US$10,000 per payment terminal, making it difficult for businesses to access digital payments because of its large ticket size.
They also added that they had both experienced personal difficulties of having delayed medical treatment due to an insufficient amount of cash in hand. This particularly inspired them to ensure that essential services and other businesses had easy access to cashless payment options.
“In an emergency, the payment method should be the least of your worries. With JazzyPay, all Filipinos, including overseas workers, are now empowered to pay for hospital bills and tuition fees for themselves and their families. Our secure platform gives overseas family members assurance that their funds go directly to the intended recipients,” said Acosta.
JazzyPay is fully licensed by the Philippine government and is a registered Operator of Payments System (OPS) regulated by the central bank of the Philippines.