A group of Filipino private investors has injected $150,000 (about 8.5 million pula) into a Singapore-based financial technology (fintech) platform that provides services to migrant domestic workers in Southeast Asia.
Manila Angel Investors Network (MAIN) has announced its investment in JiPay, a startup that has developed a mobile app that migrant domestic workers and their employers can use to track household finances.
“MAIN has always sought to invest in companies that can create the greatest social impact, and we view JiPay as a game changer in bringing domestic work into the cashless economy,” said MAIN Executive Director Quenby. Go.
With the capital injection, JiPay plans to expand service offerings, including personal accounts for migrant workers. Such accounts would allow them to receive, spend and remit money through the digital platform.
“We believe JiPay can empower our overseas Filipino workers by providing them with an integrated platform capable of delivering financial services, such as remittances, savings and insurance,” Go said.
“We are one with JiPay’s mission to offer solutions to financial challenges in the domestic work industry, such as the lack of affordable access for migrant domestic workers in Southeast Asia to become financially independent. “, she added.
The recent investment is part of a $2 million committed capital for potential startups.
MAIN, a non-stock and non-profit company, wants to find more startups to invest in. The group is also working with more investors to expand funding.
Its portfolio includes social media platform Kumu, online tax payment app Taxumo and real estate fintech solution Qwikwire.
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