BandPay, the payment platform designed to help creative collaborators come to and stick to agreements, is announcing $2 mil investment in its iOS and Android app launch. The easy-to-use app allows musicians, producers, and other professionals in the industry to assign milestones to a project, for which funds are held until a given milestone is met by the mutually agreed upon deadline and services are delivered.
Founded in 2019 by DeCarlos Garrison and Gleb Teper, the Aventura, Florida-based BandPay aims to eliminate common issues associated with delays, distrust, and lack of transparency that prevent so many music professionals from being fairly compensated and focusing on creative work. This investment is a crucial contribution toward achieving BandPay’s goal to build a strong user base in the music business and beyond.
BandPay is redefining how musicians get paid. The app helps creative collaborators set milestones, release guaranteed funds when those milestones are reached, and keep focused on what really matters: making music. Founded by a Florida-based duo, one a music business veteran and one an experienced developer, BandPay provides a simple solution for the complicated problem of work-for-hire and handshake contracts.
“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.”
BandPay will use this 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. At launch, BandPay will already offer creatives 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. 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.
“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.”