MANILA, Philippines — The Manila Angel Investors Network (MAIN) has invested $150,000 in a Singapore-based fintech startup that offers financial services for migrant domestic workers in the Southeast Asia region.
In a statement yesterday, MAIN said it has invested in JiPay, an inclusive financial services platform for migrant domestic workers in Southeast Asia.
The startup helps both migrant domestic workers and their employers track household finances through its mobile application.
“MAIN has always sought to invest in businesses that can create the highest social impact, and we see Jipay as a game-changer in bringing domestic work into the cashless economy,”said MAIN executive director Quenby Go.
The startup plans to offer personal accounts to domestic workers, which will allow helpers to receive, save, spend and remit money back to their families all through the JiPay mobile app.
“We believe that JiPay can empower our overseas Filipino workers by giving them an integrated platform that can provide financial services, such as remittances, savings, and insurance,”Go said.
MAIN’s investment is part of the $2 million capital committed to potential startups every year by the 119-member angel investors network.