Healthcare entrepreneur to fund many startups, starting with Bitcoin firm Satoshi Citadel

Businessman Joe Maristela

Philippine Bitcoin umbrella company Satoshi Citadel Industries (SCI) has raised US$100,000 in seed funding from Filipino healthcare entrepreneur Joe Maristela.

Maristela says the investment marks the start of many more investments he plans to make in Philippine startups, specifically those that are socially oriented and engaged in fintech.

SCI caught his interest because of its mission to widen financial inclusion in the country by catering to Filipinos without bank accounts. The strength of its team was also a big factor. SCI is led by CEO John Bailon, COO Jardine Gerodias, and CCO Miguel Cuneta, who co-founded the company in early 2014 with its very first product, Bitcoin payment processor Bitmarket.

SCI has grown its product portfolio to include remittance service Rebit, bills payment platform Bills Ninja, Bitcoin card provider Prepaid Bitcoin, selfie posting site Bitstars, and recently, Bitcoin exchange BuyBitcoin. Each plays a role in SCI’s bid to become a Bitcoin ecosystem by itself and its broader goal of growing Bitcoin adoption in the country.

Some of the SCI team (L-R): back row – Oscar Bicada III (lead designer), Bryan Blas (senior web developer), Kim Sia (community manager for Bitstars), John Bailon (co-founder and CTO), Cole Ochosa (operations manager), Jardine Gerodias (co-founder and COO); front row – Maan Flora (account executive), Camill Vasquez (business development), Sabina Lopez-Vergara (director for marketing and PR).

“At the end of the day, I look at the team. If a startup has strong co-founders and what they are working on can positively shape the Philippines, then you can bet that I will be first in line to invest in them,” Maristela relates.

Maristela has spent the last 16 years building his healthcare company PediaHealth Medical Group and the back-office support system for it.

As he invests in startups, he urges other entrepreneurs to do the same. “Though other people may not know it, the Philippines is at a turning point. We must stop thinking about how we can grow our current industries and begin to think about which new ones we can create. Philippine tech is the path to this future, and investors must pave the way.”

Bailon says the fresh funds from Maristela will help SCI increase its capacity to process Bitcoin remittances and equip it with resources necessary to further build the Bitcoin ecosystem in the Philippines.

“[Our] Immediate plans include finding partners to help us bring Bitcoin remittances to new territories,” he tells Tech in Asia.