A group of Filipino private investors infused $150,000 (about P8.5 million) into a Singapore-based financial technology (fintech) platform that provides services for migrant domestic workers in Southeast Asia.
Manila Angel Investors Network (MAIN) announced its investment in JiPay, a startup that developed a mobile application which migrant domestic workers and their employers can use to track household finances.
“MAIN has always sought to invest in businesses that can create the highest social impact, and we see JiPay as a game-changer in bringing domestic work into the cashless economy,” MAIN executive director Quenby Go said.
With the capital infusion, JiPay plans to expand service offering, including personal accounts for the migrant workers. Such accounts would allow them to receive, spend and remit money via the digital platform.
“We believe that JiPay can empower our overseas Filipino workers by giving them an integrated platform that can provide financial services, such as remittances, savings and insurance,” Go said.
“We are one with JiPay’s mission to offer solutions to the financial problems in the domestic work industry such as the lack of affordable access to 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 nonstock and nonprofit corporation, is keen on looking for more startups where they can invest in. The group is also working with more investors to expand funding.
Included in its portfolio are social media platform Kumu, online tax payment application Taxumo and real estate fintech solution Qwikwire.