Local startup SquidPay has recently signed 100-Million in Series A and 100-Million line credit arranged by Eastern Securities Development Corp. (ESCD) for its first round of funding this December.
The round gave SquidPay a post-money valuation of 1.1 billion pesos (US$22.9 million), according to a company statement.
SquidPay Technology Inc. CEO Marvin Dela Cruz, “This news surprised us too. We did not expect any funding to come until the late first quarter of next year.”
“This gives us confidence that there are people who strongly believe in what SquidPay can achieve,” he added
Launched just this May, the startup provides contactless payments services for Filipinos through stored value cards, QR codes, and a mobile app. SquidPay has partnered with national agencies, local government units, banks, and transport systems to offer its suite of fintech offerings.