BayaniPay facilitates zero-fee international remittances from the U.S. to the Philippines, offering market-leading foreign exchange rates. The platform also enables users to make direct bill payments to overseas vendors and suppliers securely. Additionally, it provides an FDIC-insured digital checking account with a Visa Debit Card for comprehensive financial management.
Funding
$9.7M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Filipinos in the U.S. face challenges when sending money to the Philippines, including high transaction fees, unfavorable exchange rates, and limited options for direct bill payments. Traditional remittance services often lack transparency and convenience, making it difficult for overseas workers to manage their finances and support their families back home.
Solution
BayaniPay provides a cross-border payments platform designed to streamline remittances and bill payments from the U.S. to the Philippines. Through partnerships with banks and a proprietary forex rate system, BayaniPay offers zero-fee transfers and competitive exchange rates. Users can directly pay bills and other services in the Philippines, and manage their finances with an FDIC-insured digital checking account and Visa debit card. BayaniPay aims to simplify global B2B transactions, ensuring secure and efficient fund management for individuals and businesses.
Target Audience
The primary target audience includes Filipinos residing in the U.S. who regularly send money to the Philippines, as well as businesses engaged in transactions between the U.S. and the Philippines.
Features
- Zero-fee remittances from the U.S. to the Philippines.
- Market-leading foreign exchange rates.
- Direct bill payment options for various institutions in the Philippines.
- FDIC-insured digital checking account.
- Visa debit card for convenient transactions.
- Supports both individual and B2B payments.
- Mobile app for managing finances and transactions.