Cheers Wallet Engine

remittancesmobile/online remittancesoftware/whitelabel/apis-remittance

FOUNDING YEAR: 2014
LOCATION: Singapore
Last Update: 17/07/2020

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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

COMPANY TYPE:

For Profit

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

Arish Khajotia

Barry Hurley

BOARD MEMBERS AND ADVISORS

Rico Wyder

Haile Owusu

Faisal Khan

Andreas Kuehne

NUMBER OF EMPLOYEES

11-50

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

NO

NUMBER OF FUNDING ROUNDS

3

TOTAL FUNDING

$700 K

DATE OF LAST FUNDING

Dec 2019

IPO STATUS

Private

SEED & PRIOR FUNDING

$700 K

SEED CLOSED ON

Feb 2019

LISTED

NO

EXIT STRATEGY

Trade Sale or IPO

company provided insights
Web Traffic

Web Traffic

MONTHLY VISITS

622

AVERAGE VISITS (6 MONTHS)

474.29

MONTHLY VISITS GROWTH

7.59%

VISIT DURATION

106

VISIT DURATION GROWTH

-85.87%

PAGE VIEWS VISIT

2.09

PAGE VIEWS VISIT GROWTH

-57.66%

BOUNCE RATE

37.35%

BOUNCE RATE GROWTH

11.92%

GLOBAL TRAFFIC RANK

8,114,775

MONTHLY RANK CHANGE

-1,594,977

MONTHLY RANK GROWTH

-16.43%

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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

Traction

NUMBER OF TRANSACTIONS:

6 K

TRANSACTIONS VALUE:

1.00

TRANSACTIONS COMMENT:

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

ACTIVE USERS/ACCOUNTS:

NA Million

ACTIVE USERS COMMENT:

Currently have a proof of concept that enables instant money transfer between wallets in different jurisdictions.

LIVE USERS/TRANSACTIONS:

Yes, in trial/pilot

How will you grow the number of users/accounts/transactions?

Through identified early adopters (currently 3 apps) driving contextual in-app transactions.

CHANNEL STATUS

NO SALES YET

People

NUMBER OF EMPLOYEES

1-10

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

Momentum

FUNDED

YES

TOTAL FUNDING:

$250 K

LISTED

NO

FUNDING SERIES
Seed
Jan 2018
USD800 K
at a USD4 Mvaluation