Philippines-based digital payments startup Ayannah announced, via TechCrunch, that it has raised US$1 million in funding from new investors Japan’s IMJ Investment Partners and Teruhide Sato’s investment platform Beenos, as well as existing investors, Siemer Ventures and Golden Gate Ventures.
To date, Ayannah, which sees promise in the remittance market, has raised more than US$4.5 million in funding, according to the same article.
Mikko Perez, CEO and Founder, Ayannah, said that the company is “not trying to eliminate money transfers/remittances”. Instead, it is looking to give “migrants more options on how to support their beneficiaries in their home countries without necessarily infringing on the value proposition of money transfer operators.”
At the moment, Ayannah has three services: Sendah Direct, Sendah and Gamenah. In a previous article, e27 explained the difference between Sendah and Sendah Direct:
Mikko explains two of Ayannah’s core businesses so far: Sendah and Sendah Direct. Sendah is an e-commerce gateway that enables overseas Filipinos to buy and send goods to their loved ones locally. “We currently target overseas Filipino workers (OFWs) initially, but we also plan to expand to other migrant communities,” he explains.
Meanwhile, Sendah Direct is a peer-to-peer money exchange platform that has partnered with small retail establishments — pharmacies, pawnshops, stores — for receiving and sending credits. “We started out with retailing,” Mikko pointed out. “We want to create a network of agents to collect cash and receive payments for things. Eventually, Sendah will become a person-to-person network for digital transactions.”
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Gamenah, on the other hand, is a service targeted at online gamers, who can make use of the online wallet tool to buy all types of prepaid game credits and virtual goods through various options.