BandPay – the payment platform designed to help creative collaborators come to and stick to agreements – has received a $2 mil investment towards its iOS and Android app launch.
BandPay will use this investment to build its user base, starting with artists, producers, and other music professionals, as well as to continue building features to serve them.
At launch, BandPay will offer creatives a broad set of customisable tools to let them establish agreements that lock payment to agreed-upon milestones.
As these milestones are met, guaranteed funds are paid out. The platform is designed to eliminate the potential for misunderstanding, scope bloat, and fraud, while empowering artists to reduce costs and losses for creative projects.
“We’re honored to receive this investment from an angel investor, who sees the potential and value of BandPay and our related platform PAYMNT,” says BandPay co-founder and co-CEO Gleb Teper. “This is a crucial investment at an important time for our company.”
“We see so much potential to relieve the stress artists and managers face constantly,” adds BandPay co-founder, co-CEO, and music business veteran DeCarlos Garrison. “Financial tools make a huge difference for artists, who often have really narrow margins and limited resources to pull off ambitious projects. We’re hoping to remove one layer of uncertainty and distrust from their work and let them do more of what they really love doing.”