JiPay, a finance network for migrant domestic workers raised $1.3 M in seed funding
JiPay, a Singapore-based fintech firm that is developing an inclusive financial services platform for migrant domestic workers, has received a preliminary investment of $1.3 million.
SHL Capital and strategic angels, including the Manila Angel Network and Shivaas Gulati, joined the East Ventures-led investment (Co-Founder of Remitly).
Dayana Yermolayeva founded JiPay in late 2020. (CEO). The goal of the company is to foster trust between families and their domestic workers.
Employers check home costs using the JiPay app and the free Mastercard that comes with it. They may use the app to top up their accounts, see transactions, and learn about weekly spending patterns. They don’t have to worry about their money going missing, and they can even get 1.5 percent cash back on purchases made with their cards at supermarkets and other retailers.
JiPay Mastercard can be used by helpers to shop for their employers. The card may be used in stores, on the internet, and on public transportation. For wet marketplaces that do not take cards, helpers can PayNow straight from the JiPay app. Helpers may also see the balance and transactions on the card, allowing them to budget more effectively.
Customers are no longer need to ask for cash on a regular basis, preserve receipts, or carry about spare change. Helpers and their bosses can create confidence with fewer money disagreements.
“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.
According to the company, it just spent $1 million on credit cards, and its transaction volume has climbed by more than 10 times in the last six months. JiPay will use the newly acquired funds to expand its staff and create new products.
The development of a personal finance product for helps is JiPay’s next major milestone. Workers will be able to receive salary payments into their JiPay Personal Account, send money home using JiPay Remit, and lay money away for significant costs like home purchases or children’s university fees using JiPay Save.
