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Homegrown fintech startup SquidPay raises P200 million in funding
(Philstar.com) – Dec 14, 2020 – 10:20 am
MANILA, Philippines – Local startup SquidPay Technology Inc. recently signed P100 million in Series A and a P100 million credit facility organized by Eastern Securities Development Corporation (ESDC) for its first round of financing this December, with subsequent valuation to the money of P1. .1 billion.
“This news also surprised us. We didn’t expect any funding to come in until the end of the first quarter of next year, ”says Marvin Dela Cruz, CEO of SquidPay Technology Inc.“ This gives us confidence that there are people who strongly believe in what SquidPay can achieve. ”
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Proceeds from the fund will allow SquidPay to rapidly expand its reach and accessibility by establishing kiosks and business centers in key areas across the country by 2021.
Launched in May 2020, Squidpay offers a convenient and efficient contactless payment that enables all travelers, merchants, transport groups and LGUs to recover healthier and safer.
With the vision of building a cashless society based on a free payment platform, SquidPay offers instant end-to-end electronic payments and collections with stored value cards, QR codes, and mobile apps. With contactless payments, expense monitoring, and contract tracking capabilities, SquidPay aims to help the public and private sectors adapt to the new normal.
It has partnered with national agencies, local government units, banks, private entities, operators of public utility vehicles and other transportation systems to offer a set of fintech services.
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As of November 2020, SquidPay has been working closely with the City Baguio model and estimates that 35% of the population are registered users.
With the initiative of the city government to make the city of Baguio the first smart city in the country, SquidPay plans to seize 50% of all Baguio residents by the end of the year. Users can use their SquidCard to travel, shop and enjoy local food.
Digital payments are poised to grow rapidly in the coming years in line with Bangko Sentral ng Pilipinas (BSP) goal of migrating from cash to a digital-based economy.
SquidPay strives to achieve the BSP vision by reaching unbanked and underserved Filipinos, providing everyday solutions to financial services, accessible through a simple and easy-to-use fintech platform.
Get SquidPay for free now! Download it from the Play Store or App Store. For updates, visit https://squidpay.ph or follow SquidPay on Facebook at www.facebook.com/squidpay, Instagram at www.instagram.com/squidpayphilippines and Twitter at https://twitter.com/SquidpayP. #SmartCity #BaguioCity #NuevaNavidad #WeHealAsOne
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