First Shoshin-backed startup JoJoPay launches and grabs a slice of the $1.9 trillion payments industry
JoJoPay launches to help individuals and businesses move money flexibly and seamlessly within and across borders.
June 10, 2020
First Shoshin is launching its payment platform JoJoPay, one of the brands under its portfolio company JoJo, jockeying for a place in the massive payments industry. JoJoPay is an end-to-end payment platform for personal and business use on a mission to revitalize the digital economy by making simple, secure, and fast payments the norm. The JoJoPay platform grants users better control of their money through 24/7 instant, online payments. JoJoPay is also integrated into JoJoCare, JoJo’s virtual care services platform launched last April, allowing clients to seamlessly book and pay for their online sessions inside the app.
“We know that financial accessibility is a major challenge for many, especially in our country, and we believe that everyone, everywhere, should have access to technology that helps them make payments as fast, easy, and cheap as possible. With our investment in JoJoPay, we’re shortening the road to financial inclusion and making secure, instant, and hassle-free payments a reality for both individuals and businesses around the world,” says First Shoshin Chairman Jack Ponce-Enrile.
Leveraging their expertise and industry insight, First Shoshin — and the fintech startups it invests in — are helping to bring innovative solutions to market more quickly and build a global financial system that is inclusive, transparent, and borderless.
According to McKinsey and Company, global payments revenues swelled to $1.9 trillion in 2017 with Asia-Pacific accounting for nearly half of global payments revenue. Additionally, global cash transactions have fallen from 89 to 77 percent over the past five years which reflects how real-time payments, digital commerce, and electronic payments have provided clear benefits and solved real pain points for many. Venture capitalists like First Shoshin are betting big with KPMG estimating that over $52 billion in investment pour into fintech initiatives globally.
“The companies we invest in reinforce our commitment to leading the financial technology industry and supporting entrepreneurship. We’re trying to simplify payments and address the complexity of cross-border payments not only for consumers but also for businesses of all sizes, especially SMBs (small to medium businesses). Ultimately, we’re focused on how we can support JoJoPay and create the best possible product to have the best possible impact,” Ponce-Enrile adds.
To get in touch with the JoJoPay team, email them at email@example.com.