Cheers Wallet Engine

Cheers Wallet Engine

Remittances | Mobile/Online Remittance | Software/Whitelabel/APIs (Remittance)
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  • FOUNDING YEAR: 2014
    LOCATION:
    Singapore
    REGION:
    Last Update:
    27 Jun, 2019
    Company priority:
    In fund-raising mode.

Description

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.
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:
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
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:
Viewable by subscribers only
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
Viewable by subscribers only
KEY DIFFERENTIATORS
Viewable by subscribers only
PRIMARY CUSTOMER TYPE
Viewable by subscribers only
PRODUCT ATTRIBUTES
Viewable by subscribers only

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.
FOUNDERS:
Gregor Arn, Arish Khajotia, Barry Hurley
NUMBER OF EMPLOYEES:
1-10
KEY EMPLOYEES:
CEO: Gregor Arn
CTO: Not Public
CMO: Arish Khajotia
COO: Barry Hurley
CRO: Arish Khajotia
TEAM COMMENT:
Viewable by subscribers only
ADVISORS:
Rico Wyder, Haile Owusu, Faisal Khan, Andreas Kuehne

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).
NUMBER OF TRANSACTIONS:
6 K
TRANSACTIONS VALUE:
$1
TRANSACTIONS COMMENT:
Prototype consisted of social use-cases with contextual micro transactions.
ACTIVE USERS/ACCOUNTS:
NA
ACTIVE USERS COMMENT:
Currently have a proof of concept that enables instant money transfer between wallets in different jurisdictions.
LIVE USERS/TRANSACTIONS:
Viewable by subscribers only
How will you grow the number of users/accounts/transactions?
Through identified early adopters (currently 3 apps) driving contextual in-app transactions.

MOMENTUM


FUNDED:
YES
TOTAL FUNDING:
$250 K
SEED & PRIOR FUNDING:
$250 K
FUNDING COMPLETED:
Viewable by subscribers only
FUNDED:
YES
TOTAL FUNDING:
$800 K
LISTED:
Viewable by subscribers only
FUNDING SERIES:
Seed
Jan 2018
$800 K
at a $4 Millions valuation

FOR INVESTORS

FUNDING NEEDED
$1 Million
USES OF FUNDS RAISED
Viewable by subscribers only
Viewable by subscribers only
Viewable by subscribers only
Viewable by subscribers only
Viewable by subscribers only
EXIT STRATEGY
Viewable by subscribers only
MONTHS LEFT WITH CURRENT CASH BURN RATE
Viewable by subscribers only

LATEST RESEARCH