• FOUNDING YEAR: 2014
    LOCATION:
    Singapore
    REGION:
    Last Update:
    18 Oct, 2019
    Company priority:
    In fund-raising mode.

Description

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:
Viewable by subscribers only
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

PEOPLE

FOUNDERS:
Gregor Arn, Barry Hurley
Board Members and Advisors:
Rico Wyder
NUMBER OF EMPLOYEES:
1-10
COMMENT:
We have been immersed in the world of global payments and financial regulations for several decades and are evangelists for borderless mobile money. Living and breathing emerging markets and regularly participating in the world's toughest off-shore yacht races shaped us in many ways, especially in being focused and resilient.

TRACTION

NUMBER OF TRANSACTIONS:
6 K in 2016
TRANSACTIONS VALUE:
$1 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).

MOMENTUM

FUNDED:
YES
TOTAL FUNDING:
$250 K
SEED & PRIOR FUNDING:
$250 K
LISTED:
NO
EXIT STRATEGY:
Trade Sale or IPO

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