Connect with us

Hi, what are you looking for?

Economy

Homegrown fintech startup SquidPay secures P200 Million in funding

Local startup SquidPay Technology Inc. has recently signed Php 100 Million in Series A and Php 100 Million line of credit arranged by Eastern Securities Development Corporation (ESDC) for its first round of funding this December, at a post-money valuation of 1.1 Billion Pesos.

SquidPay automated fare collection system registration kiosk at SM City Baguio

“This news surprised us too. We did not expect any funding to come until the late first quarter of next year,” says SquidPay Technology Inc. CEO Marvin Dela Cruz. “This gives us confidence that there are people who strongly believe in what SquidPay can achieve.”

Proceeds from the fund will allow  SquidPay to quickly widen its reach and accessibility by establishing kiosks and business centers in key areas around the country by 2021.

Distribution of free SquidPay cards to riders and citizens nationwide

Launched in May 2020, SquidPay provides a convenient and efficient contactless payment that empowers every commuter,  merchant, transport group, and LGU to bounce back healthier and safer.

With a  vision of building a cashless society grounded on a free payment platform, SquidPay provides advanced end-to-end instantaneous electronic payments and collections with stored value cards,   QR   codes,   and mobile applications.   With contactless payments,  expense monitoring, and contract tracing capabilities, SquidPay aims to help both the private and public sectors adjust to the new normal.  SquidPay has partnered with national agencies,  local government units,  banks,  private entities,  public utility vehicle operators, and other transport systems to offer a suite of fintech services.

SquidPay launch and memorandum of agreement signing. Baguio City Hall. July 13, 2020

As of  November  2020,  SquidPay has been working closely with model  City  Baguio and estimates  35%  of the population as registered users. With the city government’s initiative to convert  Baguio  City into the country’s first  Smart  City,  SquidPay foresees to tap 50% of all Baguio residents by year-end.  Users can use their SquidCard to commute, shop, and enjoy local dining.

Digital payments are poised to grow rapidly in the coming years in line with the Bangko Sentral ng  Pilipinas’  (BSP)  goal of migrating from cash to a  digital-based economy.  SquidPay endeavors to achieve the BSP’s vision by reaching out to unbanked and underserved Filipinos – providing everyday solutions to financial services, accessible through a simple and easy to use fintech platform.

 

Download SquidPay for free from these links:
Play Store: https://bit.ly/squidpayplaystore
App Store: https://bit.ly/squidpayappstore

Website: https://squidpay.ph
FB: https://www.facebook.com/squidpay
IG: https://www.instagram.com/squidpayphilippines/
Twitter: https://twitter.com/SquidpayP

#SmartCity
#BaguioCity
#NewChristmas
#WeHealAsOne

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

SEOUL — North Korea fired a submarine-launched ballistic missile (SLBM) from off its east coast on Tuesday, South Korea’s military said, pulling Japan’s new...

Economy

TOKYO — Japan’s lack of a vaccination passport and limited testing capacity is threatening ambitions to reopen the economy at a crucial year-end period...

Investing

Purbeck Personal Guarantee Insurance has spoken to SME business owners and directors and set out what it believes are an Autumn 2021 Budget wish-list to...

Economy

Among 10 countries in the Asia-Pacific region, the Philippines saw the most remarkable change in e-cash adaptation during this pandemic. A survey conducted by...

Economy

(Part 4) We have the potential to become an advanced economy by the year 2050. Our strong fundamentals create the opportunity for us to...

Economy

IN ITS RECENT Regional Economic Outlook (REO), the IMF notes that the COVID-19 pandemic has taken a turn for the worse in Asia since...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

Pfizer Inc on Wednesday raised its 2021 sales forecast for its COVID-19 vaccine by 29% to $33.5 billion, and said it believes people will...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!