Miami-based BandPay, a brand new fee expertise (paytech) platform, has reportedly secured $2 million in funding from an angel investor.
The capital acquired will likely be utilized by the newly launched Fintech agency to develop a “creator-oriented fee platform,” which is able to make it simpler for music artists within the US to obtain funds for his or her work.
The app ought to quickly be accessible for each the Android and iOS working programs.
Gleb Teper, co-CEO and co-founder at BandPay said:
“We’re honored to obtain this funding from an angel investor, who sees the potential and worth of BandPay. It is a essential funding at an essential time for our firm.”
The paytech agency says it goals to deal with points involving fee safety, which frequently results in musicians not receiving fee in any respect for his or her priceless contributions, firm co-founder DeCarlos Garrison revealed.
Garrison had famous (in January 2020):
“A shared scene or community implies belief, however that belief is simply too usually damaged, both explicitly or as a consequence of misunderstandings.”
The BandPay app goals to deliver better transparency on work-related timelines for musicians. It also needs to make it simpler to maintain observe of obtainable funds from each events and to get an correct estimate of the prices of tasks involving music artists are producers.
After each events have adopted via with their commitments, the funds assured within the app will likely be despatched out with the intention to keep away from “the potential for misunderstanding, scope bloat, and fraud,” BandPay’s administration famous.
“We see a lot potential to alleviate the stress artists and managers face always.”
He additionally talked about:
“Monetary instruments make an enormous distinction for artists, who usually have actually slim margins and restricted assets to drag off bold 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.”