BandPay, a payment app that helps musicians, producers and other creative collaborators come to and keep agreements, is announcing $2 million investment in its iOS and Android app launch.
BandPay offers customizable tools to establish agreements that lock payment to agreed-upon milestones. As these milestones are met, funds are paid out. The platform is designed to eliminate the potential for misunderstandings and fraud.
The startup will use the new investment to build its user base, starting with artists, producers, and other music professionals, as well as to continue building out features to serve them.
“We’re honored to receive this investment from an angel investor, who sees the potential and value of BandPay and our related platform PAYMNT,” says BandPay co-founder and co-CEO Gleb Teper. “This is a crucial investment at an important time for our company.”
“We see so much potential to relieve the stress artists and managers face constantly,” notes BandPay co-founder, co-CEO, and music business veteran DeCarlos Garrison. “Financial tools make a huge difference for artists, who often have really narrow margins and limited resources to pull off ambitious projects. We’re hoping to remove one layer of uncertainty and distrust from their work and let them do more of what they really love doing.”