BandPay, which aims to improve the way musicians get paid, has reportedly secured $2m in a funding round from an unnamed angel investor.
With the fresh batch of funding, the company is looking to grow its user base, initially focusing on artists, producers and other music professionals, according to reports in the media. Capital will also be used to release new features for the platform.
Musicians can use Bandpay to guarantee their performance is paid for. The mobile app works by creating an agreement between all involved parties for deliverables and milestones. Funds are hen deposited into escrow and only paid out once milestones are reached.
The app is available on the Apple store and Google Play.
BandPay co-founder and co-CEO DeCarlos Garrison told HypeBot, “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.”
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