Cheers Wallet Engine

remittancesmobile/online remittancesoftware/whitelabel/apis (remittance)

FOUNDING YEAR: 2014
LOCATION: Singapore
Last Update: 01/05/2020

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About

Cheers is a global “Wallet-as-a-Service” platform. Worldwide compliant, no bank account needed. We offer a suite of APIs for developers to seamlessly embed in-app wallets and to build game-changing features using mobile money without jeopardising cross-border scalability.

MEDICI Analysis

Cheers is a global “Wallet-as-a-Service” platform. Worldwide compliant, no bank account needed. We offer a suite of APIs for developers to seamlessly embed in-app wallets and to build game-changing features using mobile money without jeopardising cross-border scalability.

Focus

PRODUCTS & SERVICES

API-based wallets with global transaction capabilities. Cheer Wallets come white-labelled or branded and do not require a user to have a bank account or payment card. Able to transact in multiple currencies, instantly, and down to micro price-points (e.g. $0.01).

REVENUE MODEL

Transactional business model

MAIN CLIENTS

Online retail consumers

PRIMARY PROBLEM SOLVED

There are 3 billion smartphone users connected through global platforms (WhatsApp, Facebook, and many others). These platforms struggle to integrate mobile money because their user base is highly fragmented with 1000s of wallets, countless regulatory regimes, various levels of financial inclusion.

INTELLECTUAL PROPERTY

Patent(s) NOT_FILED

Traction

NUMBER OF TRANSACTIONS:

6 K in 2016

TRANSACTIONS VALUE:

$1.00 in 2016

TRANSACTIONS COMMENT:

Prototype consisted of social use-cases with contextual micro transactions.

ACTIVE USERS:

3000 Million in 2016

ACTIVE USERS COMMENT:

Public prototype in restricted environment (single country, emerging market, social use cases).

People

FOUNDERS

Gregor Arn

Barry Hurley

BOARD MEMBERS AND ADVISORS

Rico Wyder

Haile Owusu

Faisal Khan

Andreas Kuehne

NUMBER OF EMPLOYEES

1-10

COMMENT:

We have been immersed in the world of global payments,financial regulations for several decades,are evangelists for borderless mobile money. Living,breathing emerging markets,regularly participating in the world's toughest off-shore yacht races shaped us in many ways, especially in being focused,resilient.

Momentum

FUNDED

YES

TOTAL FUNDING

$250 K

SEED & PRIOR FUNDING

$250 K

LISTED

NO

EXIT STRATEGY

Trade Sale or IPO

For Investors

FUNDING NEEDED:

$1 M

USES OF FUNDS RAISED:

1. Launch Developer SDK

2. Marketing/Visibility

3. Core Team Hires

4. Runway

5. Partnership Development

EXIT STRATEGY

Trade Sale or IPO

MONTHS LEFT WITH CURRENT CASH BURN RATE:

18 months from 14 Aug, 2018

BASICS

FOUNDING YEAR:

2014

LOCATION:

Singapore

Views:

209 VISITORS | 321 VIEWS
LATEST FUNDING ROUND

$250 K

TOTAL EMPLOYEES
1-10

About

Cheers is a global “Wallet-as-a-Service” platform. Worldwide compliant, no bank account needed. We offer a suite of APIs for developers to seamlessly embed in-app wallets and to build game-changing features using mobile money without jeopardising cross-border scalability.

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

Cheers is a global “Wallet-as-a-Service” platform. Worldwide compliant, no bank account needed. We offer a suite of APIs for developers to seamlessly embed in-app wallets and to build game-changing features using mobile money without jeopardising cross-border scalability.

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

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Cheers Wallet Engine

About

Cheers is a global “Wallet-as-a-Service” platform. Worldwide compliant, no bank account needed. We offer a suite of APIs for developers to seamlessly embed in-app wallets and to build game-changing features using mobile money without jeopardising cross-border scalability.

Focus

PRODUCTS & SERVICES

In-App wallets are hosted on bank-grade, highly scalable, cloud-based infrastructure. Global, borderless Peer-to-Peer transfers. Focused on small-value transfers under $100.

REVENUE MODEL

Transactional business model

TOP PROBLEM SOLVED

Global businesses and apps are missing a turn-key solution in order to connect their global users financially in a borderless, frictionless manner. This has led them to either build out cumbersome payment solutions for their own ecosystems - straddling regulatory and painstaking wallet integrations - or simply missing out on the opportunity to create sticky money features that add value to their existing and future users.

PRODUCT DEVELOPMENT STAGE

MARKET TRIAL

PRODUCT DEVELOPMENT COMMENT

Cheers operates as a licensed financial institution using existing, highly scalable, bank-grade technology.

KEY DIFFERENTIATORS

1) The world’s first Wallet-As-A-Service to provide a single plug-point for a custom-branded, globally compliant in-app wallet solution. 2) With regulatory compliance in 180+ countries, enabling a borderless, frictionless payment solution while also catering to the 2 billion unbanked global citizens. 3) Only wallet backend that offers a app owner / developer-centered revenue-share model.

PRIMARY CUSTOMER TYPE

Enterprise - Others

Small And Medium Business - Other

PRODUCT ATTRIBUTES

White label

People

FOUNDERS

Gregor Arn

Barry Hurley

NUMBER OF EMPLOYEES

1-10

KEY EMPLOYEES:

CEO, FOUNDER: Gregor Arn

CTO: Not Public

CMO: Arish Khajotia

COO, FOUNDER: Barry Hurley

CRO: Arish Khajotia

TEAM COMMENT:

We have been immersed in the world of global payments,financial regulations for several decades,will champion borderless mobile money. Living,breathing emerging markets.

BOARD MEMBERS AND ADVISORS:

Rico Wyder, Haile Owusu, Faisal Khan, Andreas Kuehne

Momentum

FUNDED

YES

TOTAL FUNDING:

$800 K

LISTED

NO

FUNDING SERIES
Seed Jan 2018 --- USD800 K at a USD4 Mvaluation