♫ Your love gives me such a thrill, but your love won’t pay my bills, I want money ♫
Florida-based payments start-up BandPay is rocking and rolling with a $2 million investment for its new platform. Money is not too tight to mention.
As reported last month, BandPay revealed its plans to bring some razzmatazz to payments for musicians. The idea is to offer customisable tools to let them establish agreements that lock payment to agreed-upon milestones. As these milestones are met, guaranteed funds are paid out. The platform is designed to eliminate the potential for “misunderstanding, scope bloat, and fraud, while empowering artists to reduce costs and losses for creative projects”.
Now it has the investment – from an unnamed individual or firm – for its iOS and Android app launch.
BandPay Co-Founder and Co-CEO Gleb Teper says: “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,” adds 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.”
The paytech will use the money to build its user base, starting with artists, producers, and other music professionals, as well as to continue building out features. BandPay is powered by PAYMNT, a customisable platform.
BandPay reckons its solution fixes the “complicated problem of work-for-hire and handshake contracts”. It will be looking for action in two lively sectors – fintech and music.
♫ Oh, there’s a lot of opportunities, if you know when to take them, you know, there’s a lot of opportunities, if there aren’t you can make them ♫