Delays in payment, distrust, and lack of transparency run rampant through the music business.
BandPay's mission is to eliminate payment delays, distrust, and lack of transparency across the music business. It's designed to assist creatives collaborate and stick to the agreements they make through a feature-rich mobile application.
A $2 million investment from an angel investor will fund BandPay's iOS and Android app launch, as well as build its user base of artists, producers, and other music professionals.
"We're honored to receive this investment from an angel investor, who sees the potential and value BandPay and our related platform PAYMNT," said co-founder Gleb Teper in a press release. "This is a crucial investment at an important time for our company."
Through BandPay, guaranteed funds are held until the goals and milestones are met. Once achieved, the fund is paid out. This reduces misunderstanding and fraud amongst the collaborators. "Get paid, not played," as BandPay's Instagram bio says.
Additionally, a professional working on a project can have peace of mind knowing that they're guaranteed payment upon completion of the set milestone.
"We see so much potential to relieve the stress artists and managers face constantly," co-founder and co-CEO DeCarlos Garrison stated. "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."
To learn more about BandPay, you can visit their website.