Cocoon Capital Backs JazzyPay with US$0.5-M for Cashless Transactions

 

Media Release:

  • JazzyPay already serves hundreds of merchants including hospitals, schools, clinics and medical suppliers across the Philippines.

  • The startup provides contactless a payment platform for any business with no upfront deposit

MANILA — JAZZYPAY, a Philippines-based fintech firm, has announced a US$500,000 seed financing round led by early-stage venture capital firm Cocoon Capital.

JazzyPay is helping to eliminate the hurdles faced by businesses in the Philippines to enable cashless payments.

With JazzyPay, merchants can adopt cashless payments within only one day and without requiring a deposit. JazzyPay offers unified payment platforms for all businesses enabling them to accept payments from anywhere in the world via 27 payment methods, including credit and debit cards, online banking, e-wallets and over-the-counter deposits.

Go-to payment gateway

Traditional players require businesses to pay deposits of up to US$10,000 per payment terminal, rendering digital payments inaccessible to most businesses in the country. As a result, 80% of hospitals, dentists and schools in the Philippines still rely on cash or cheques for big ticket payments.

The co-founders of JazzyPay, Kathleen Acosta and Joshua Marindo, personally experienced how an insufficient amount of cash on hand delayed treatment in a medical emergency. This inspired their mission of ensuring that essential services, as well as all other businesses, have easy access to cashless payment options.

Founders of fintech JazzyPay
Founders of fintech JazzyPay.

Since its launch in 2018, JazzyPay has established itself as the go-to payment gateway, serving hundreds of merchants including hospitals, schools, clinics, medical suppliers across the country.

“In an emergency, the payment method should be the least of your worries.”

— JazzyPay COO/co-Founder Kathleen Acosta

Notable partners include Adventist Medical Center Manila, Adventist Hospital Santiago City, Manila Adventist College, and the Dr. Arturo P. Pingoy Medical Center.

JazzyPay Chief Operating Officer and co-Founder Kathleen Acosta assured the integrity of her company’s payment system.

“In an emergency, the payment method should be the least of your worries. With JazzyPay, all Filipinos, including overseas Filipino workers (OFWs), are now empowered to pay for hospital bills and tuition fees for themselves and for their families,” she says.

“Our secure platform gives overseas family members assurance that their funds go directly to the intended recipients.”

Cocoon Capital Managing Partner Will Klippgen noted why his firm chose the Filipino fintech startup.

Expansion of partners network

“The world is going cashless and we are extremely impressed with the JazzyPay founding team and their vision to help both consumers and businesses harness the power of digital payments,” says Klippgen. .

“Covid-19 has shown how businesses have to adapt fast to a new world to survive and enabling contactless payments is a key step to build resilience.”

JazzyPay will use the fresh funds to expand their network of partner merchants across the country and to build its management team. The company is also investing in product development with a strong focus on enhancing efficiency for merchants as well as improving user experience.

JazzyPay is fully licensed by the Philippine government. The company is a registered Operator of Payments System (OPS) regulated by the Bangko Sentral ng Pilipinas (BSP). JazzyPay recently obtained the Payment Card Industry Data Security Standard (PCI DSS) Level 1 Certificate and has passed rigorous testing performed by SISA Information Security.

QBO Innovation Hub, which relayed the news to SDN — Science & Digital News lauded JazzyPay’s ability to raise funding from Cocoon Capital.

“Ultimately, QBO is proud of our local startups continuing to thrive and gain recognition across the globe amidst the challenges brought about by the pandemic,” the QBO message said. (✓)

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About JazzyPay

JazzyPay is a Philippine-based fintech startup. Its web and mobile apps enable consumers to make cashless payments to clinics, hospitals and schools directly using credit cards, debit cards, online banking as well as over-the-counter deposits. Its platform also supports online wallets including AliPay, CoinsPH, GCash, GrabPay, WeChat Pay. JazzyPay’s vision is to provide world-class payments and invoicing solutions in the Philippines and other developing countries across Southeast Asia and beyond. Learn more at jazzypay.com.

About Cocoon Capital

Cocoon Capital is a Singapore-based, venture capital firm focusing on early-stage, enterprise tech companies across Southeast Asia with assets under management of SG$40 million. The fund invests within the medtech, fintech, insurtech and other deep tech verticals. It has done a total of 20 investments to date and differentiates itself by working closely with its portfolio companies to unleash their potential. Investments include BuyMed, GuardRails, Karzo, Poundit, SensorFlow and See-Mode Technologies. Learn more at cocooncap.com.

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