BayaniPay, a Los Angeles-based Filipino fintech company, targets to get 20 percent of the $146 billion global market for Filipino remittances in three years, CEO Winston Damarillo told reporters.

Already, BayaniPay is the first cross-border digital financial service for the 4.2 million strong Filipino American community.

To date, the fintech accounts for $146 billion or 14.4 percent of the Asian American market in the United States, a segment previously underserved by traditional banks and other financial institutions.

Recently, the company has raised $4.5 million in seed funding from East West Bank, Wavemaker Partners, and Talino Venture Labs.

Earlier this year, BayaniPay contracted with East West Bank, the largest independent bank headquartered in Southern California, to offer Filipino American customers banking services, including a Federal Deposit Insurance Corporation (FDIC) insured checking account.

East West Bank joins BDO Unibank, the Philippines’ largest bank; Asian Journal, one of the leaders in the Asian American media industry; and Seafood City, the largest Filipino-owned supermarket chain in the U.S., in BayaniPay’s roster of collaborators.

The fintech offers low cost cross-border financial services from the United States to the Philippines.

Its customers get access to a digital checking account, a debit card that maximizes spending power, and zero fee remittance plus market-leading forex rates for Filipino Americans who are sending money home.

BayaniPay is collaborating with BDO Unibank to enable its users in the U.S. to directly pay services in the Philippines through paycode technologies.

Local businesses and services can simply provide Filipino American customers paycodes that they can use for easy and convenient cross-border payment of bills, tuition and school fees, medical expenses, and even real estate.

Within its first three months in the market, BayaniPay disrupted the digital remittance industry by offering, through BDO Unibank, zero fees and market-leading exchange rates.

Its neobank expansion allows customers to open a digital bank account with a Visa debit card in the United States through East West Bank—enabling cross-border payments and rewards on customer transactions.

The fresh capital from East West Bank and Wavemaker Partners will allow BayaniPay to expand the technology team as the company scales its product lineup and expands into more geographies.

Since announcing its expansion, BayaniPay has gained over 7,000 users.