JazzyPay, a Philippines-based fintech firm, announced a $500,000 seed financing round led by early-stage venture capital firm Cocoon Capital.
JazzyPay is removing the hurdles faced by businesses in the Philippines to enable cashless payments.
With JazzyPay, merchants can adopt cashless payments within only one day and without requiring a deposit. JazzyPay offers unified payment platforms for all businesses enabling them to accept payments from anywhere in the world via 27 payment methods, including credit and debit cards, online banking, e-wallets and over-the-counter deposits.
Traditional players require businesses to pay deposits of up to $10,000 per payment terminal, rendering digital payments inaccessible to most businesses in the country. As a result, 80% of hospitals, dentists and schools in the Philippines still rely on cash or cheques for big ticket payments. The co-founders of JazzyPay, Kathleen Acosta and Joshua Marindo, personally experienced how an insufficient amount of cash on hand delayed treatment in a medical emergency. This inspired their mission of ensuring that essential services, as well as all other businesses, have easy access to cashless payment options.
Since its launch in 2018, JazzyPay has established itself as the go-to payment gateway, serving hundreds of merchants including hospitals, schools, clinics, medical suppliers across the country. Notable partners include Adventist Medical Center Manila, Adventist Hospital Santiago City, Manila Adventist College and the Dr. Arturo P. Pingoy Medical Center.
“In an emergency, the payment method should be the least of your worries. With JazzyPay, all Filipinos, including overseas Filipino workers, are now empowered to pay for hospital bills and tuition fees for themselves and for their families. Our secure platform gives overseas family members assurance that their funds go directly to the intended recipients”, said Kahtleen Acosta, Chief Operating Officer and co-founder of JazzyPay.
“The world is going cashless and we are extremely impressed with the JazzyPay founding team and their vision to help both consumers and businesses harness the power of digital payments”, said Will Klippgen, Managing Partner at Cocoon Capital. “COVID-19 has shown how businesses have to adapt fast to a new world to survive and enabling contactless payments is a key step to build resilience”, he added. Klippgen recently joined the JazzyPay board of directors.
JazzyPay will use the fresh funds to expand their network of partner merchants across the country and to build its management team. The company is also investing in product development with a strong focus on enhancing efficiency for merchants as well as improving user experience.
JazzyPay is fully licensed by the Philippine government. The company is a registered Operator of Payments System (OPS) regulated by the Bangko Sentral ng Pilipinas. JazzyPay recently obtained the Payment Card Industry Data Security Standard (PCI DSS) Level 1 Certificate and has passed rigorous testing performed by SISA Information Security.