Digital payment and commerce startup, Ayannah has raised $1 Million in its Series A round of funding from Singapore-based Venture Capital firm Life.SREDA, Silicon Valley-based Venture Capital firm 500 Startups and London-based VC Blue Compass among others.
The Philippines-based digital company will use this fund to improve its customers and agent acquisitions. It will also use the freshly raised fund for strengthening its product development and global expansion. The company has raised this fund as a part of its Series A round of funding.
Ayannah was founded Mikko Perez in 2009. The company provides a host of digital financial services, whose main aim is to serve the needs of the unbanked, specifically in emerging markets. Currently, the two main products of the company are Sendah Direct and Sendah Remit.
Sendah Direct is a Software As a Service (SaaS) platform that collaborate with brick and mortar retailers for offering various services that include Domestic remittance, mobile top-ups and online gaming credits. The other product, Sendah Remit is a bank-grade Software As a Service (SaaS) platform, which allows inter operable international and domestic remittance transactions across different networks.
Founder of Anannah, Mikko Perez said about the development,” Life.SREDA’s commitment to fintech is already paying off as we are finding synergies with their other portfolio companies already. 500 Startups provides access to a huge network of startups, which will be valuable as we make a big push overseas. Blue Compass’ team of seasoned bankers with extensive experience developing financial products for SMEs in emerging markets will definitely add value,”
As of now, Ayannah has served more than 10 Million customers through its physical agents and digital presence. The company is aiming to reach $150 Million in remittance by the end of 2016. It is also planning to create a risk based debit card scoring system for unbanked by using recently declassified technologies originally developed by the US intelligence services to fight terrorism.