PHILIPPINES – A fresh startup in the Philippines has received a substantial sum of capital and will be participating in a program designed to help startups network and market their products and applications to a global audience.
JazzyPay is a new online payment system for paying schools, hospitals and clinics in the Philippines. The platform is both web and mobile based, so users will have plenty of options available to them to make their payments. JazzyPay is also designed to use multi-currency consolidated systems and uses multiple types of data encryption with its proprietary security algorithm. Because of the niche, the app has filled and its proprietary payment system, the team behind JazzyPay earned a coveted slot with investment and technology giants Techstars and the Rakuten network.
Techstars is an accelerator company headquartered in the U.S. They provide investment capital, mentoring and networking to help startups achieve high rates of success. This year represents their first time entering Asia and Asian markets. Techstars has teamed up with the Rakuten network, owner of the Viber app, for this three-month program called the Rakuten Accelerator Powered by Techstars. Over 1,000 different startups applied for 10 spaces, and JazzyPay was the only startup from the Philippines to be selected to participate.
JazzyPay received $120,000.00 USD, 6.3 million PHP, from Techstars as an initial investment. The team expects to use this capital for marketing, research and development and other ways to bring JazzyPay to a larger audience.
The program, held in Wework Singapore, will take place from July 15 to October 11. Attendees will be working closely with Techstars and Rakuten making contacts in Asia and the global marketplace. All attendees will be given special access to Rakuten’s network of 70 services, including the Viber messaging and video platform as well as Techstars’ network of countries, alumni and mentors.
The entire event culminates with a Demo Day. Each of the 10 startups attending the program will showcase their apps. This provides each startup with the chance to secure additional funding for continued growth and development of their apps.