Philippines Fintech Startup, SquidPay, has recently raised $2 million in a Series A funding round, valuing the company north of $22 million.

The company also signed a PHP100 million ($2 million) line of credit arranged by the Eastern Securities Development Corporation (ESDC).

Launched in May 2020, SquidPay's vision is to build a cashless society grounded on a free payment platform.

The company provides contactless payment solutions such as payment terminals and prepaid debit cards, which are currently used by merchants, transport groups, commuters, and more.

With the government’s initiative to convert Baguio City into the country’s first Smart City, SquidPay is working with the city government to convert up to 50% of the residents to use their contactless payment solutions by year-end, using their SquidCard to make payments for products and services across the city.

Moving forward, SquidPay intends to utilize the new funding to scale across the country, establishing kiosks and business centres in key locations by 2021.

CEO of SquidPay, Marvin Dela Cruz adds that he was surprised of the interest in their services, and did not expect funding to come this soon.

“This news surprised us too. We did not expect any funding to come until the late first quarter of next year. This gives us confidence that there are people who strongly believe in what SquidPay can achieve,” mentioned SquidPay Technology Inc. CEO Marvin Dela Cruz.