BandPay, a project-based payment platform for creative collaborators, has landed $2 million from an unnamed 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 and our related platform PAYMNT,” said BandPay 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.
“We see so much potential to relieve the stress artists and managers face constantly,” says the music business veteran DeCarlos Garrison.
The company plans to use the newly announced investment to build its user base, starting with artists, producers, and other music professionals, as well as to continue building out features to serve them.