Asia Digest: Filipino-founded BayaniPay raises $4.5m; Australia's HMC Group bags $10m

Asia Digest: Filipino-founded BayaniPay raises $4.5m; Australia's HMC Group bags $10m

Photo from BayaniPay's Facebook page

BayaniPay, a Filipino-founded fintech startup, has raised $4.5 million in seed funding, while Australia Business Growth Fund invested $10 million in a local tourism company.

East West Bank, Wavemaker back BayaniPay

Filipino-founded fintech startup BayaniPay has announced raising $4.5 million in seed funding from East West Bank, Wavemaker Partners, and Talino Venture Labs.

Based in Los Angeles, USA, BayaniPay was founded by Winston Damarillo to provide Filipino-American customers with cross-border financial services from the US to the Philippines.

Its neobank expansion allows customers to open a digital bank account with a Visa debit card in the US through East West Bank. BayaniPay, however, clarifies that it is not a bank but a fintech company, and its banking products and services are offered through East West Bank.

“Our ongoing efforts are driven by the desire to eliminate the financial hardships of new immigrants and minority communities,” Damarillo said.

BayaniPay targets the Filipino-American community, which is 4.2 million strong and accounts for $146 billion, or 14.4% of the Asian American market in the US.

Australian Business Growth Fund backs HMC Group

HM Consolidated Pty Ltd (HMC Group), an Australian tourism and aviation sector operator, has received AUD15 million ($10 million) from the government-backed Australia Business Growth Fund (ABGF), according to an announcement.

ABGF provides an opportunity for ambitious SMEs to scale up domestically and thrive, which in turn will support job creation and economic growth in Australia.

HMC services regional Western Australian businesses, communities, and the tourism sector. It provides accommodation and tourism services, rotary-wing, and fixed-wing aviation services, among others.

ABGF chief executive officer Anthony Healy said HMC Group has built an impressive operation and reputation and has great potential to continue to scale further.

“We’re excited about this investment in the HMC Group. The business is supporting the connectivity and economic development of regional Western Australia and beyond,” he added.

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