Adarsa Pay

remittancesmobile/online remittanceblockchain

FOUNDING YEAR: 2017
LOCATION: United States
Last Update: 01/05/2020

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About

Adarsa Pay is developing an etherum based mobile wallet that enables users to send and receive money from across the world in a simple and secure manner at a lower cost. It offers other services such as pay bills, deposits, and withdrawal funds. Currently, the company is building the product and planning to launch mobile app service by end of Jan 2018.

MEDICI Analysis

Adarsa Pay is developing an etherum based mobile wallet that enables users to send and receive money from across the world in a simple and secure manner at a lower cost. It offers other services such as pay bills, deposits, and withdrawal funds. Currently, the company is building the product and planning to launch mobile app service by end of Jan 2018.

Focus

PRODUCTS & SERVICES

An etherum based mobile wallet for money transfer service.

REVENUE MODEL

Our goal isn't to optimize for short-term profit on transaction costs but growing the long-term value of our platform through mainstream adoption and later offering more targeted with high-value revenue opportunity financial products to our consumers.

MAIN CLIENTS

Retail consumers

PRIMARY PROBLEM SOLVED

Research shows there are 232 million international migrants globally and 180 million migrants come from poor countries where they send money back regularly to support their families. The World Bank estimates remittances to developing countries amounted to $429 billion in 2016. The ASEAN member states accounted for over $63 billion in remittance inflow. Neighboring countries like India had the highest inflow of remittance at $63 billion while Bangladesh received $14 billion which was almost 8% GDP. Although South Asia has some of the cheapest remittance prices at 5.52%, the Global average is 7.32% and still the senders and beneficiaries are sometimes required to go to a bank or agent which adds to the cost and time of transaction. Even if you’re a savvy consumer with complete information and proof of National ID, the average remittance price is still 5.93% according to The World Banks’s Global SmaRT indicator. Our aim is to lower the cost of remittance prices below 1% to make sending money cross-border to family and friends more efficient and economic. Our goal isn’t to optimize for short-term profit on transaction costs but growing the long-term value of our platform through mainstream adoption and offering our consumers financial products that are targeted and have high-value revenue opportunities. Also, our goal is to spur economic growth in these emerging markets by giving access to financial products that enable consumers to save and borrow so they can invest in opportunities like education and entrepreneurship. There is a high number of unbanked and underserved population in this region that can benefit by accessing financial services through mobility and with little investments from our part since we don’t need to build infrastructure and real estate.

INTELLECTUAL PROPERTY

Patent(s) NOT_FILED

Traction

REVENUE

$0 - $99k

People

FOUNDERS

Syed Tareq Husain

Sarah Ramnarine

KEY EMPLOYEES:

Syed Tareq Husain (CEO)

COMMENT:

Adarsa Pay was founded by a passionate group of technology professionals who believe that creative,agile solutions for the financial services industry can reduce friction in the exchange of value. The idea materialized from a Massachusetts Institute of Technology (MIT) Future Commerce capstone project. In order to reduce the complexity that exists in global payments today, our underlying platform is designed for interoperability of key stakeholders required for processing payments with real-time settlements, risk management,,compliance.

Momentum

FUNDED

NO

LISTED

NO

For Investors

FUNDING NEEDED:

$3 M

USES OF FUNDS RAISED:

1. Legal & Professional Fees

2. Product Development & Operations

3. Marketing & Sales

MONTHS LEFT WITH CURRENT CASH BURN RATE:

18 months from 29 Sep, 2017

COMPETITORS:

Circle

Abra

TransferWise

WorldRemit

BASICS

FOUNDING YEAR:

2017

LOCATION:

United States

Views:

43 VISITORS | 89 VIEWS

About

Adarsa Pay is developing an etherum based mobile wallet that enables users to send and receive money from across the world in a simple and secure manner at a lower cost. It offers other services such as pay bills, deposits, and withdrawal funds. Currently, the company is building the product and planning to launch mobile app service by end of Jan 2018.

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!

MEDICI Analysis

Adarsa Pay is developing an etherum based mobile wallet that enables users to send and receive money from across the world in a simple and secure manner at a lower cost. It offers other services such as pay bills, deposits, and withdrawal funds. Currently, the company is building the product and planning to launch mobile app service by end of Jan 2018.

Focus+
Momentum+
Traction+
People+
For Investors+
Other+

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Adarsa Pay

About

Adarsa Pay is developing an etherum based mobile wallet that enables users to send and receive money from across the world in a simple and secure manner at a lower cost. It offers other services such as pay bills, deposits, and withdrawal funds. Currently, the company is building the product and planning to launch mobile app service by end of Jan 2018.

Focus

PRODUCTS & SERVICES

Adarsa Pay is a consumer facing mobile application for Android and iOS smartphone which allows users to create account, deposit funds, make payments, withdraw and send money worldwide instantly, securely and for a fraction of the cost.

REVENUE MODEL

Our goal isn't to optimize for short-term profit on transaction costs but growing the long-term value of our platform through mainstream adoption and later offering more targeted with high-value revenue opportunity financial products to our consumers.

TOP PROBLEM SOLVED

Research shows there are 232 million international migrants globally and 180 million migrants come from poor countries where they send money back regularly to support their families. The World Bank estimates remittances to developing countries amounted to $429 billion in 2016. The ASEAN member states accounted for over $63 billion in remittance inflow. Neighboring countries like India had the highest inflow of remittance at $63 billion while Bangladesh received $14 billion which was almost 8% GDP. Although South Asia has some of the cheapest remittance prices at 5.52%, the Global average is 7.32% and still the senders and beneficiaries are sometimes required to go to a bank or agent which adds to the cost and time of transaction. Even if you’re a savvy consumer with complete information and proof of National ID, the average remittance price is still 5.93% according to The World Banks’s Global SmaRT indicator. Our aim is to lower the cost of remittance prices below 1% to make sending money cross-border to family and friends more efficient and economic. Our goal isn’t to optimize for short-term profit on transaction costs but growing the long-term value of our platform through mainstream adoption and offering our consumers financial products that are targeted and have high-value revenue opportunities. Also, our goal is to spur economic growth in these emerging markets by giving access to financial products that enable consumers to save and borrow so they can invest in opportunities like education and entrepreneurship. There is a high number of unbanked and underserved population in this region that can benefit by accessing financial services through mobility and with little investments from our part since we don’t need to build infrastructure and real estate.

PRODUCT DEVELOPMENT STAGE

PROTOTYPE

PRODUCT DEVELOPMENT COMMENT

Our proprietary platform for instant and cost-effective bank settlements, risk management, and compliance. This infrastructure is built on cloud-based mobile solutions and is powered by distributed ledger technology (DLT), Microservices Architecture, Big Data, Machine Learning, AI and open banking APIs.

KEY DIFFERENTIATORS

Realtime settlement Realtime compliance Low Cost Blockchain

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

Enterprise - Retailers

Consumer

PRODUCT ATTRIBUTES

SaaS

On-premises

White label

Customer facing

Other

People

FOUNDERS

Syed Tareq Husain

Sarah Ramnarine

KEY EMPLOYEES:

CEO: Syed Husain

CTO: Syed Husain

employee: Syed Tareq Husain (CEO)

FOUNDER: Syed Tareq Husain

FOUNDER: Sarah Ramnarine

TEAM COMMENT:

Adarsa Pay was founded by a passionate group of technology professionals who believe that creative,agile solutions for the financial services industry can reduce friction in the exchange of value. The idea materialized from a Massachusetts Institute of Technology (MIT) Future Commerce capstone project. In order to reduce the complexity that exists in global payments today, our underlying platform is designed for interoperability of key stakeholders required for processing payments with real-time settlements, risk management,,compliance.

Momentum

FUNDED

NO

TOTAL FUNDING:

$750 K

FUNDING COMPLETED

NO

LISTED

NO

FUNDING SERIES
Seed Jan 2017 --- USD750 K