MEDICI now! Startup Stories highlights the companies that are shaping the new financial technology industry. Keep an eye out each week for new stories! If you or someone you know should be highlighted, send us a note. Without further ado…
Company Name: Everex
Name/Title: Alexi Lane, CEO & Founder
Industry Segment: Microfinance Blockchain
Target Markets: Thailand, Singapore, Myanmar, Malaysia, Indonesia, Philippines, and Russia
LTP: Tell us a little bit about yourself.
Alexi Lane: I'm a FinTech entrepreneur, investor, and executive with over 15 years of experience in capital markets, financial services, and payments – including high-risk online billing systems.
I've been in the in blockchain development for two years, working with a team of experienced software developers, product managers, system architects and mobile solutions providers.
I have an MBA in Finance from the University of Tennessee and have worked for Morgan Stanley & Wealth Strategies Group.
LTP: Give us a paragraph pitch of your company.
AL: Everex is a cross-border payments and microlending company committed to financial inclusion and empowerment through decentralization. We develop a blockchain-based microlending platform based on smart contract-built stable coin wallet. Starting with cross-border remittances and merchant retail payments, Everex collects and analyzes user financial and personal data as a basis for blockchain-based credit scoring and lending offerings. By implementing this solution Everex applies to financial inclusion and access to capital in developing markets, including financial applications for Islamic banking.
LTP: In a sentence or two, what problem are you solving today?
AL: Everex brings technological and social advantages of blockchain technology to regular people, allowing the wider population of un(der)banked to receive access to the global financial system.
Our technology is ready to address the issues around inaccessibility to safe and reliable financial services – specifically, unattainable credit and inefficient remittance.
LTP: Who are you selling to?
AL: Our customers are the migrant workers, women, SMEs, tourists, expats, international students, farmers, retirees and digital nomads who are part of more than 2 billion people who have limited or no access to financial services.
LTP: Why did you start the company?
AL: Our goal is to create a positive significance and give financial access to the 'Bottom of the Pyramid' population. We have seen the need for affordable and instant micro-credit and global fiat transaction services and we seek to connect 2 billion un- and underbanked individuals to the global financial system by providing them access to these services.
LTP: What's the most important change coming to your segment in the next 3-5 years?
AL: We are building the world of instant finance where everybody can receive, send, lend or borrow from anywhere with a tap of a finger – a world where transactions happen at the speed of light and at negligible cost to all users.
LTP: What’s your next milestone?
AL: Everex is launching a token sale in the third quarter of this year. The money raised will be used as seed capital to launch the micro-lending operation. Profits will be used to buy tokens back from the market over time. More details are expected to be released in the coming weeks.
LTP: Anything else you want to say to our audience?
AL: Applying mobile application tools on a top of the same legacy payment systems does not offer enough innovation to effectively solve financial inclusion and economic underdevelopment. Using Bitcoin as rails for money transfers, although offers an innovative solution, however, is subject to liquidity and high price volatility. Such requires reBittance solution providers to hedge their volatility risks, adding more into service costs.
Existing cross-border remittance solutions that apply to development market, most of the end-users receive payments in cash. This does not bring them any closer to having access to financial services such as access to credit or ability to make online payments. As a result, community economic development in developing countries has been stagnant for years.
Our solution offers stable coin (fiat currencies) on public blockchain for cross-border remittances and payments. Not only does this allow low-cost and nearly instant settlements, but also collects and analyzes user financial and personal data as a basis for blockchain-based credit scoring and lending offerings. By implementing this solution, Everex provides weighted and managed user financial data to be used for underwriting financial services to un(der)banked consumers.
Bonus – User’s Choice Question!
LTP: If you could change one thing that financial services people do incorrectly, what would that be?
AL: Neglecting blockchain technology’s potential impact on the global remittance industry and microfinance.
“Banks could generate up to $380 billion in annual revenues by closing the small business credit gap and including un/underbanked adults into the formal financial system.” – Billion Reasons to Bank Inclusively
“Existing dominant remittance companies reaffirm that tight regulations and policies on remittance payments and service providers have made it more expensive to initiate payments internationally. The blockchain technology can significantly reduce operating and regulatory costs in the sense that by using KYC and AML policies, each account or blockchain wallet addressed are readily available for verification.” – Overseas Remittance is a $400 Billion Market, Can Bitcoin Dominate?
Everex aims to provide individuals and businesses access to useful and affordable financial products and services that meet their needs – remittance, payments, savings and credits – delivered in a responsible and sustainable way. Building our platform on top of the blockchain has been an important component of this goal.
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