BayaniPay

High-Level Overview

BayaniPay is a fintech company founded in 2021 that builds a digital neobank platform offering cross-border remittances, bill payments, online banking, and rewards tailored for global professionals, starting with Filipino-Americans sending money to the Philippines.[1][2][4][6] It serves Filipino households and overseas workers (OFWs) by solving high fees, slow transfers, and limited access to affordable banking through a mobile app with zero-fee remittances, competitive forex rates like "Buena Mano," and partnerships with banks such as East West Bank (providing FDIC-insured checking accounts) and BDO Unibank.[1][2][4][6] The company has raised $9.6M total, including a recent $3M Series A extension 10 days ago, targeting $200M in payments processed by end-2024, with strong growth via expansions like Bayani GlobalPay and bill payments from the US/global.[1][4][6]

Origin Story

BayaniPay emerged from a partnership between inclusiontech venture studio Talino Venture Labs and The Asian Journal, a leading Asian American multimedia publisher, with initial seed funding of $4.5M in 2022 from East West Bank, Wavemaker Partners, and Talino Venture Labs.[1][2] CEO Winston Damarillo, based in Los Angeles, founded it to deliver accessible remittances for Filipino-Americans, naming it after "bayani" (Filipino for "hero"), honoring overseas workers supporting families back home.[1][2][4] Early traction came from launching a web/mobile app in California for US-to-Philippines transfers (as fast as one day), authorization as BDO Unibank's agent, and quick expansion plans to other states and Asian communities, building on the $1T+ remittance market for Filipinos abroad.[2][4][6]

Core Differentiators

• Tailored Neobank for Diaspora: Pioneering digital-first services like branchless 24/7 banking, zero-fee remittances, and rewards on purchases, powered by East West Bank (FDIC-insured) and focused on Filipino-Americans as the third-largest US Asian group.[4][6]
• Superior Pricing and Speed: Offers "Buena Mano" rates (₱60 per $1), no hidden fees, competitive USD-PHP conversion, and transfers in as little as one day, undercutting traditional providers.[1][2][6]
• Seamless Cross-Border Tools: App-based wallet for remittances, global bill payments (zero fees to institutions), B2B vendor payments, and upcoming Bayani GlobalPay integrating payments with real estate investments (targeting P1T market via partners like SM, Ortigas Land).[1][4][6]
• Security and Partnerships: Doesn't store bank info, strong identity verification, and alliances with BDO, East West Bank, and investors like Wavemaker and PTGB for reliability and scale.[2][4][6]

Role in the Broader Tech Landscape

BayaniPay rides the global remittance boom (e.g., Filipino OFWs sending billions annually) and neobank wave, capitalizing on fintech democratization for underserved immigrant communities amid rising US-Asia migration and digital payment adoption.[1][2][4] Timing aligns with post-pandemic demand for borderless finance, low-fee alternatives to legacy wires, and real estate investment trends (e.g., Fil-Am buyers in P1T Philippine market), amplified by partnerships enabling B2B and institutional payments.[1][4][6] It influences the ecosystem by lowering barriers for diaspora banking, fostering inclusion for Asian-Americans, and paving expansion to broader global professionals, boosting Southeast US fintech ties.[2][3][4]

Quick Take & Future Outlook

BayaniPay's momentum—$9.6M raised, recent $3M for bill pay/GlobalPay launch, and $200M payment goal—positions it for hypergrowth in remittances and neobanking.[1] Next steps include US state rollouts, European/US expert networks (via related expansions), and B2B scaling, shaped by forex volatility, regulatory easing for fintech, and AI-driven personalization trends.[1][2] Its influence could evolve from niche Fil-Am hero to pan-Asian borderless banking leader, transforming how global workers manage home ties—starting with remittances, ending with full financial empowerment.[3][4][6]