BandPay, a Miami, Florida-based project-based payment platform for creative collaborators, raised $2m in funding.
The investment was made by an undisclosed angel.
The company intends to use the funds for the launch of its app on iOS and Android, building its user base, starting with artists, producers, and other music professionals, as well as features to serve them.
Led by co-founders and co-CEOs Gleb Teper and DeCarlos Garrison, BandPay provides an app that allows musicians, producers, and other professionals in the industry to assign milestones to a project, for which funds are held until a given milestone is met by the mutually agreed upon deadline and services are delivered. At launch, BandPay will already offer creatives a broad set of customizable tools to let them establish agreements that lock payment to agreed-upon milestones. As these milestones are met, guaranteed funds are paid out.