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.
“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.
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.
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.