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CashAbroad is a smart network that funds public goods using small fees from family remittances and B2B payments. These fees are used to fund community projects like schools, hospitals, and community centers in the remittance senders' towns. We believe this approach will make a significant impact on these communities.
To achieve this, we are taking the following steps:
Achieved Goals 🎉
Strategic Updates! 🦜
🧑🚀 We successfully integrated with Wyre for the US-MX corridor and due to current Wyre's financial solvency issues haven't been able to receive the production keys to pass to production. As the opportunity cost of waiting for Wyre is too high, we strategically decided to refocus our development efforts on integrating Stellar Anchors and Circle. This ambitious development requires an additional four months to ensure a successful pass to production and launch
🚀 We're working hard to differentiate CashAbroad by leveraging family remittances and B2B payments to fund community projects in the towns of origin of the remittance senders. To achieve this, we're focusing on Soroban to enable a smart contract that will automatically distribute a percentage fee to public goods of the recipient community after each transaction.
🚗 We're also exploring nearshoring opportunities for cross-border payments, such as Tesla in Monterrey, Mexico, where both founders studied.
💸 | Revenue Model & Funding
We calculate an average income per cross-border transaction of 3%, including fees per transaction and an exchange rate commission.
Average cross-border remittance fees are 6.2%, depending on the country, with fees commission ranging from 0% to 15% plus exchange rate commissions. It is common to find competitors with a 0% transfer fee but with an exchange rate significantly decreasing the money sent. So we consider 3% a competitive fee.
We are currently applying and pitching to investors to raise funding. And as part of our participation in the Blockchain Academy Chile Incubator.
🔎 | Market & Industry Research
The global B2B payments market size was valued at $942.6 billion in 2021 and will reach $1.91 trillion in 2028 at a CAGR of 10.6%. In Latam, we estimate a volume of cross-border payments of $168 Billion based on the remittance volume in the region.
In Latam, even if cash still is the primary payment method, larger central banks are launching initiatives to develop an open banking ecosystem that support the shift toward digital payments. The global pandemic boosted this change in countries such as Brazil and Mexico.
Additionally, the shift to digital payment methods was boosted by the favorable demographics of Latam since it has one of the youngest populations in the world.
In Mexico, the management of payments plays a substantial opportunity for improvement since, according to a study, 87% of the businesses reported late payments by B2B customers, which is, in part, caused by the manual reconciliation of invoices and payments that 40% of companies do, according to INEGI.
Percentage of B2B with late payments
The lack of fast and cost-efficient cross-board payment methods for businesses in Latam, combined with the favorable demographics and smartphone penetration, presents an ideal environment for Cashabroad to bring his solution to Latam businesses.
⚔️ | Competition
✅ We focus mainly on the Latam region.
✅ We offer a friendly digital solution powered by crypto benefits to a not crypto-savvy audience.
✅ Our focus is B2B needs
👥 | Resources & Relationships
Colledge (formerly Blockchain Academy Chile)
A growing education, incubator, and community platform. Colledge experts on blockchain have nurtured us during the 4-month program of its incubator with expertise in different fields like UX, Mkt, Finance, engineering, and others. They also offer an extent network of investors.
Lourdes Hidalgo | Advisor & Business Asociations
Currently President of the National Chamber of Commerce in Coatzacoalcos (CANACO), a member of AMEXME (Business Woman Association), and with connections with other business entities like CANACINTRA.
Ivan Álvarez Frías | Tech Advisor & Talent Pool
Ivan has the biggest iOs developer community in Mexico (he has nurtured it over the years) and supports us with the best talent and engineering expertise.
📮 | Marketing & Sales
Our initial goal is to incorporate the Circle wallets with a stellar blockchain address in the onboarding flow and enable the on-ramp process with bank card for users with Circle in the development environment. Our initial approach was to enable the Wyre as on-ramp, but since for the moment Circle is stoping the Wires functionality as a result of exiting their Silvergate and Signature banking partnerships this month, we integrated the Bank Account as our first on-ramp method.
We will follow these steps to complete the functionality:
1-Design the experience of CashAbroad and Circle, this includes:
2- Develop in the backend the Circle endpoints of:
3- Integrate the backend endpoints to the frontend experience and enable the complete on-ramp flow in the development environment of Circle.
To show the progress of the deliverable, we can take the following steps:
1- Share a document with:
Document link: https://www.canva.com/design/DAFfR7_F-Yc/tYUJIKIpl38oh4xn73vb5g/edit?utm_content=DAFfR7_F-Yc&utm_campaign=designshare&utm_medium=link2&utm_source=sharebutton
2- Share a video explanation of:
Video link: https://www.youtube.com/watch?v=Xc3BZJnUZu8
3- Link to a demo with the implementation.
Demo: https://cashabroad.netlify.app/
CashAbroad, Inc. Is company that facilitates cross-border payments for B2B, B2C and P2P. CashAbroad offers cross-border payments for businesses in Latam, enabling them to send and receive payments from international merchants and vendors with low-cost, instant transactions and a group of smart features that make the process user-friendly.
Ruth Gomez Hidalgo (ruths.hidalgo-CashAbroad#7130)
CEO & Marketing
Has broad experience in digital marketing, paid media, social media, video content, branding, budget, product design, UX, CX, omnichannel integrations, leading teams, and working on tech companies.
Consistently delivering results on customer acquisitions, ROA, LTV, CAC, Sales, budget optimization, campaign management & optimization, customer engagement, launching national campaigns, customer service, cross-sell and up-sell strategy, and Crisis Management.
Worked with P2P, Massive Market (more than 10M customers), B2B, and Enterprise.
Tech-savvy and blockchain technology enthusiast. Studied at the "Tec de Monterrey" and in Miami at the "MBP school."
Has won competitions at Google, Microsoft, Bosch, and Aldea Digital.
Loves her three cats, video games, watching Netflix, Star Wars, Marvel, zombie films, Sustainability and Climate change initiatives.
Braulio Ramirez Montiel (Braulio- (CashAbroad )#7103)
Lead Developer & Product
Physics engineer Graduated with honors from Tec de Monterrey.
He did an internship abroad at Stuttgart, where he researched and experimented with ice particles.
At PwC, he worked for the finance department for transfer pricing.
With nine years of experience leading, developing, and deploying digital products (often the most challenging at these companies) at Telmex and later at Walmart.
As Growth Manager at Walmart, he led the India and US (Sunnyvale) teams, and his projects increased by 25% digital sales.
He has also won several competitions and was on the five-person innovation team for Hector Slim (CEO of the biggest Telecomm in Mexico.)
He loves to read about economics and news, adores cats, Shingeki no Kyojin, Breaking Bad, Better Call Saul, and speaks German.
José Alberto Gómez Solís (Joseju#7410)
Fullstack Engineer
José Alberto Gómez Solís is a Fullstack Engineer with great enthusiasm for technology and the world of programming. He stands out for his ability to investigate new technologies such as data mining and data science.
Among his skills are his ability to solve problems, his flexibility and adaptability, his creativity, his interpersonal skills, his ability to learn and his ability with different programming languages. As well as the handling of APEX Oracle tool.
He studied at UTSV, then he was an intern at Quaxar S.A de C.V., where he developed fullstack applications with Ruby on Rails and obtained a scholarship. He also participated in projects of great importance, such as "iPromoter", a project to promote artists in the area of Nanchital, Minatitlán, Ixhuatlán and Coatzacoalcos, and "Proveicydet", a page developed for the Research Institute of the State of Veracruz, where they obtained records of proposals to existing problems in the region.
He likes to be in constant learning and therefore has taken different courses to expand his knowledge in his area.
Alberto is currently watching “The last of Us”, 🧟♂️ and playing “Cyperpunk 2077” 🎮
Angélica Martínez Sarmiento (Angie Mtz (CashAbroad)#9261) UX and Social Media
Angélica Martínez Sarmiento graduated from the Marketing and Communication program at Tec de Monterrey.
She has experience as a content coordinator and digital marketer, where she has demonstrated skills in visual direction and content creation. She also has experience in web development, design, video editing, and branding. During her time at the Chamber of Commerce, she had the opportunity to meet different entrepreneurs in the city of Coatzacoalcos and create marketing strategies.
Angie is a curious mind, interested in sustainability. She believes in the importance of taking action to address the climate crisis and is involved in projects to do so. She also likes to stay up to date with the latest trends in technology, marketing, and other topics.
As a scout, Angie has attended two Leadership Encounters and has been in charge of projects for national events. She loves being a volunteer and empowering other girls.
She enjoys spending her free time going for walks, watching movies and series, and spending time with her friends and family.
Angie has been a scout for about 10 years now! 🏕️ 🥾
Miroslava Luis Santiago (Miros#3254)
Backend Engineer
Miroslava Luis Santiago is an engineer, student at UTSV, passionate about multi-platform software development. She has great learning and adaptation skills in any environment she finds herself in.
During her professional career, Miroslava was an intern at Quaxar S.A de C.V, where she had the opportunity to develop her skills in back-end and front-end development, as well as in database administration.
Among her skills are knowledge of various cutting-edge tools, database administration, and Office package management. In addition, she stands out for her ability to solve problems, work in a team, goal orientation and adaptability to change.
Miroslava is also known for being proactive. She is currently focused on software analysis and continuing to develop her skills in the field of Information Technology.
Miroslava loves to dance to the rhythm of Dua Lipa and the 70’s! 💃🕺
Juan José Lopez Montalvo (joss.lmont#3577)
Mobile Engineer
Juan José López Montalvo is a highly skilled Information Technology and student at UTSV. Throughout his professional career, he excelled as an intern at Quaxar S.A de C.V, demonstrating expertise in Backend web development and multiplatform mobile development.
Juan is a valuable team player who is adept at adapting to challenging situations. Moreover, he possesses exceptional proficiency in handling computer tools and is known for his proactive approach to work.
Juan Jose loves his dog, he calls it “Mi cachorro”. 🐶
Angel Josue Garcia Canteros (GCAJ#0286) Fullstack Engineer
Angel Josue Garcia Canteros studies at UTSV in Information Technology, specialized in Multiplatform Software Development. He is a person who is very interested in learning and applying his knowledge in the professional field.
He was a scholarship recipient at Intekel Automatización as a Back-end Developer, Tester and Documenter. His duties included project tracking, application testing with load and performance testing, and web development with Laravel and REST API.
Angel has several certificates in different areas, such as Certified Tester by the Carlos Slim Foundation, Web Development with Laravel at Udemy, Application Development with Kotlin at Udemy, Minimalist Web Aesthetics at Udemy, and Data Analyst by Google.
He loves his dogs! 🐕
Our team is set up for success because:
The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on December 5, 2022 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.
*The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on July 5th as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
**The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on December 16, 2021 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
*The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on September 27, 2021 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
* The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on the date of transfer as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
*This budget request has not been fully awarded to the project. The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on day of payment as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.
*This budget request has been awarded to the project in XLM. The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on day of payment as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.
*This budget request has not been fully awarded to the project. The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on day of payment as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.
*This budget request has not been fully awarded to the project. The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on day of payment as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.
*This budget request has not been fully awarded to the project. The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on day of payment as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.