The Philippines-based fintech startup SquidPay Technology has bagged US$ 2M in a Series A funding round held in December 2020 and a separate line of credit worth US$ 2M, arranged by Eastern Securities Development Corporation. According to the startup’s statement, the round gave SquidPay a post-money valuation of US$ 22.9M.
Proceeds from the funding round will be used by the startup to rapidly expand its reach by establishing booths and business centers in key areas around the Philippines next year (2021).
SquidPay was launched in May 2020 by Marvin Dela Cruz and aims to provide a suitable way of electronic payment and collection to Filipinos through stored value cards, QR codes and a mobile app. The startup has partnered with national agencies, local government units, banks, private companies, Jeepneys, UV Express, taxi, Transport Network Vehicle System (TNVS), rails, motorized boats, ferries and other authorized government transportation systems in the Philippines to allow its users leverage on accessible financial technology and utilize SquidPay’s customer-centric platform for almost all of their payment needs.
SquidPay’s founder Marvin Dela Cruz is a local entrepreneur and prior to SquidPay, he co-founded U-Hop, which provides on-demand transport services to companies and hotels as well as ride-sharing and food delivery. As of November 2020, SquidPay reported it has been working meticulously with the municipality of Baguio and estimates that 35% of the city’s inhabitants are registered users. It aims to increase that number to up to 50% of all Baguio residents by the end of 2020.
It was stated last month (November 2020) that SquidPay is acquiring a 55% stake in local investment holding company Premiere Horizon Alliance for approximately US$ 20.7M. SquidPay aims to leverage the investment holding company as a medium for a backdoor listing at the Philippine Stock Exchange, as per a report.
SquidPay is dedicated to nurturing a cashless society grounded on a free e-payments platform that is available to everyone.
About Eastern Securities Development Corporation
Eastern Securities Development Corporation (ESDC) is a member of the Philippine Stock Exchange and a proud part of the Philippines’ capital markets. It is a fully SEC licensed, registered, and active trading participant and broker financial institution involved in a variety of financial services for its clients.
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