Boom Financial

remittancesmobile/online remittanceconsumer

FOUNDING YEAR: 2008
LOCATION: United States
Last Update: 19/01/2021

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About

Boom Financial (formerly m-Via) is solving the problem of making it safe, easy and cheap for immigrant consumers to share money with extended family in the US and 'back home'... one text message at a time. We aim to kill traditional cash remittances in favor of a mobile banking ecosystem that will create a global connected community of banked consumers. How cool is that? Boom is the world's first cross border mobile banking network working with retailers, banks, government agencies and technology partners. The company has received over 30 million $ in venture financing from RRE Ventures, Digicel Group, Matt.org and individual investors.

MEDICI Analysis

Boom Financial provides an online financial platform for customers to share and spend money from their cell phones in the United States and Mexico. It allows users to send money through mobile text message to recipients who receive the money on a prepaid card. Boom Financial was formerly known as m-Via, Inc.

Focus

PRODUCTS & SERVICES

Boom App for mobile banking services such as money transfer, checks processing services. Boom Prepaid cards- money withdraws, online purchases. Boom helps families share their money quickly, safely and economically.

REVENUE MODEL

Company makes out money by charging transaction fee & other service fees.

EXISTING PARTNERSHIPS

Partnered with cloud based payment processing firm i2c

WOCCU(World Council of Credit Unions).

COMMENT

It enables Boom Financial customers to receive remittances on a mobile phone, which can be accessed with a prepaid card to make purchases, withdraw cash and transfer funds to other accounts.

company provided insights

Acquisitions

ACQUIREE NAME

PagueMob

ANNOUNCED DATE

Jan 2015

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Web Traffic

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