The fintech startup BandPay said that it has received $2 million investment in its iOS and Android app launch from angel investor. The company that deals in payment to musicians said that it will use this investment to build 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.”
The company claimed that its platform is designed to eliminate the potential for misunderstanding, scope bloat, and fraud, while empowering artists to reduce costs and losses for creative projects.
BandPay offers musicians a broad set of customizable tools to let them establish agreements that lock payment to agreed-upon milestones. As these milestones are met, guaranteed funds are paid out.
“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,” said Garrison.