JiPay Raised US $1.3 Million of Seed Funding Led by East Ventures
JiPay, a Singapore-based fintech startup creating an inclusive financial services platform for migrant domestic workers, today announced that it has secured US$ 1.3 million in Seed funding. This round of funding was led by East Ventures, with participation from SHL Capital as well as strategic angels including the Manila Angel Network and Shivaas Gulati (Co-Founder of Remitly).
JiPay was founded by Dayana Yermolayeva (Co-Founder & CEO) after she graduated from the Hong Kong University of Science and Technology in late 2020. She was first exposed to domestic work after moving to Hong Kong for her studies. Coming from Ukraine, where the concept of live-in helpers is virtually non-existent, she was struck by how large yet unstructured this industry was in Asia, given that domestic workers play a key role in society and in the workforce.
For helpers, who crowded the Central area of Hong Kong Island on Sundays, the problems were apparent; foreign domestic workers (FDWs) are underbanked and lack affordable access to basic financial services, such as remittances, savings, and insurance.
Photo courtesy of Karolina Grabowska.