On a lookout for tech innovations that can address social issues, healthcare entrepreneur Joe Maristela has invested $100,000 (P4.4 million) in Philippine-based financial technology (fintech) startup Satoshi Citadel Industries (SCI).
A founder and chief operations officer of healthcare business process outsourcing (BPO) firm Star Business Centers in Makati City in Metro Manila, Maristela and his partner chose SCI of other local Bitcoin companies because of its seasoned team members and company culture.
SCI is the first universal Bitcoin company in the Philippines that recently acquired BuyBitcoin.ph — a peso to bitcoin “over-the-counter” exchange, which allows Filipinos direct access to buying and selling the digital currency.
“SCI is the best positioned outfit of all the other groups that we’ve evaluated that can really go international. And that is something that is ingrained in our investment philosophy,” Maristela said, during an interview with DEALSTREETASIA.
He said they saw SCI to be the firm that will also be able to address social issues.
“Social Impact is part of their business and culture, and they are deploying specifically and explicitly Bitcoin technology in order to serve the unbanked and lessen the barriers, and entry in terms of getting active and mobile and the economy,” Maristela added.
SCI’s John Bailon said their company plans to use the funds to scale up operations and to strengthen their brand.
The local fintech startup just celebrated its first year last week.
Maristela disclosed he might conduct another significant investment in a Philippine startup, including the establishment of an investment funding company soon.
He is encouraging other traditional entrepreneurs to invest in Philippine tech startups.