Singapore-based iPaymy, which offers SMEs an online platform to pay for salaries, invoices and corporate taxes using their credit cards, has closed a $1-million investment led by BEENEXT and Digital Garage Incubation (DG Incubation).
Prior to this round, the firm had secured $500,000 from angel investors for iPaymy’s first product, a payments platform dedicated to helping consumers pay for their monthly expenses using credit instead of cash.
Spearheaded by chief executive Ethan Dobson and chief business development officer Chryste Dao-Szabo, the team brings substantial experience in finance and technology to the SME finance space.
According to the startup, by providing interest-free payments with no delays, a suite of online tools for payment and expenses management, as well as personalised financial customer service, iPaymy for Business creates a full-stack ecosystem to support and guide SMEs in managing their working capital. In addition, it enables businesses to keep cash for up to 55 days without interest.
It aims to cater to the gap created by the fact that most small business operators cannot access traditional financing from banks. Fundamentally, it enables businesses to free up cash to fuel business-critical activities, secure early payment discounts from suppliers by paying immediately, earn credit card rewards like points and cashback, as well as greater efficiency from centralising supplier payments to a single platform.
Small and medium enterprises (SMEs) that use the platform can issue one-time payments or set automatic recurring payments, with payees able to receive the funds in their bank accounts within four business days, while the business owner gets to keep their cash for up to 55 days without interest.