Manila Angel Investors Network (MAIN), the largest private investors network in the Philippines, is investing in Singapore-based fintech startup, JiPay, to provide financial services to migrant domestic workers in Southeast Asia.
MAIN invested $150,000 dollars to JiPay, an inclusive financial services platform for migrant domestic workers in the region. 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 Quenby Go, MAIN’s executive director.
JiPay’s next step is 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.Domestic workers play a vital role in society and in the workforce. We are one with JiPay’s mission to offer solutions to the financial problems in the domestic work industry such as the lack of affordable access to migrant domestic workers in Southeast Asia to become financially independent.” she added.
MAIN’s investment of $150,000 is part of the larger $2 million committed capital to potential startups every year of the 119-member angel investors network.
MAIN is constantly in search for startups that they can invest in the future and networks with potential partners and investors to join their expanding angel investors’ group. They also provide training and learning sessions for their members to improve their knowledge on angel investing. They have created focus strategies when investing and work closely with peers to help startups succeed.
Among MAIN’s notable funded startups that have had social impacts are Kumu, a social media platform, Taxumo, an online tax-payment application, Qwikwire, fintech solution for real estate, and Fortuna Coolers, a company that helps fishing communities turn coconut husks into cold storage container.