BandPay, a new Miami-founded paytech platform, has landed $2 million from an unnamed angel investor.
The funding will be used by the new fintech to launch what it’s calling a ‘creator-oriented payment platform’, which will help musicians in the US get paid.
“We’re honored to receive this investment from an angel investor, who sees the potential and value of BandPay,” says co-founder and co-CEO Gleb Teper. “This is a crucial investment at an important time for our company.”
The fintech wants to tackle issues of payment security, something fellow founder DeCarlos Garrison says frequently leads musicians to getting no payment at all for their work.
“A shared scene or network implies trust, but that trust is too often broken, either explicitly or due to misunderstandings,” Garrison said in January.
Set to launch any day now on iOS and Android, the app will shed more transparency on work timelines, available funds from both parties and the ultimate cost of the project.
As these milestones are met, the funds guaranteed in the app are paid out so as to avoid “the potential for misunderstanding, scope bloat, and fraud”, the fintech says in a statement.
“We see so much potential to relieve the stress artists and managers face constantly,” says Garrison.
“Financial tools make a huge difference for artists, who often have really narrow margins and limited resources to pull off ambitious projects,” Garrison adds. “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.”