Aditya Hadi Pratama · · 1 min readEast Ventures leads $1.3m seed round of Singapore fintech firm
JiPay, a Singapore-based fintech firm focused on domestic workers, has raised US$1.3 million in a seed round led by East Ventures and participated by SHL Capital, Manila Angel Investors Network, and Remitly co-founder Shivaas Gulati.
(From left) JiPay tech lead Chin Rui Chew, product operations manager May Thu Lwin, CEO Dayana Yermolayeva, and growth lead Shiva Raju / Photo credit: JiPay
Founded in 2020, JiPay offers a prepaid Mastercard service that can be used by domestic helpers to buy groceries and supplies for their employers.
The company also provides an app that allows domestic helpers to pay through Singapore’s PayNow service if merchants don’t accept cards. In addition, employers are able to monitor the spending of their helpers via the same app.
JiPay was founded by Ukraine-born Dayana Yermolayeva after graduating from the Hong Kong University of Science and Technology. The company recently hit US$1 million in card spending and saw transaction volumes grow by more than 10x in the past 6 months.
The fintech firm will use the fresh funding for hiring and product development purposes. It also plans to offer personal accounts for domestic helpers – many of whom come from other countries – that can help them receive, save, and send their salaries to their families back home.
See also: The key players in Singapore’s thriving fintech space
Editing by Miguel Cordon and Lorenzo Kyle Subido
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