Fintech startup SquidPay bags US$ 2M in Series A funding - FinTech
Summary
The Philippines-based fintech startup SquidPay Technology has bagged US$ 2M in a Series A funding round held in December 2020 and a separate line of credit worth US$ 2M, arranged by Eastern Securities Development Corporation. Proceeds from the funding round will be used by the startup to rapidly expand its reach by establishing booths and business centers in key areas around the Philippines next year (2021). SquidPay was launched in May 2020 by Marvin Dela Cruz and aims to provide a suitable way of electronic payment and collection to Filipinos through stored value cards, QR codes and a mobile app. The startup has partnered with national agencies, local government units, banks, private companies, Jeepneys, UV Express, taxi, Transport Network Vehicle System (TNVS), rails, motorized boats, ferries and other authorized government transportation systems in the Philippines to allow its users leverage on accessible financial technology and utilize SquidPay’s customer-centric platform for almost all of their payment needs. It was stated last month (November 2020) that SquidPay is acquiring a 55% stake in local investment holding company Premiere Horizon Alliance for approximately US$ 20.7M.