The fintech startup BandPay mentioned that it has obtained $2 million funding in its iOS and Android app launch from angel investor. The corporate that offers in fee to musicians mentioned that it’ll use this funding to construct consumer base, beginning with artists, producers, and different music professionals, in addition to to proceed constructing out options to serve them.
“We’re honored to obtain this funding from an angel investor, who sees the potential and worth of BandPay and our associated platform PAYMNT,” says BandPay co-founder and co-CEO Gleb Teper. “It is a essential funding at an necessary time for our firm.”
The corporate claimed that its platform is designed to eradicate the potential for misunderstanding, scope bloat, and fraud, whereas empowering artists to scale back prices and losses for inventive tasks.
BandPay affords musicians a broad set of customizable instruments to allow them to set up agreements that lock fee to agreed-upon milestones. As these milestones are met, assured funds are paid out.
“We see a lot potential to alleviate the stress artists and managers face continuously,” notes BandPay co-founder, co-CEO, and music enterprise veteran DeCarlos Garrison.
“Monetary instruments make an enormous distinction for artists, who usually have actually slim margins and restricted sources to drag off formidable tasks. We’re hoping to take away one layer of uncertainty and mistrust from their work and allow them to do extra of what they actually love doing,” mentioned Garrison.