Meru

Wise (Transferwise) for Latinamerica
$
100,000
worth of XLM on the day of pay-out*
worth of XLM on the day after voting*
Website
Remittances
Micro-payments
Wallet
Candidate:
SCF #10
Winner:
No items found.

Crypto Wallet to send money across Latin America. Thanks to alliances with local anchors in Latin America we can allow our customers to send money across multiple countries in Latin America, leveraging over SEP-24 integrations. Currently, we are operating in two countries (Colombia and Venezuela) and the budget would be used to reach more customers and lunch on other countries in Latin America.

In operation since

2022

Based In

Registered in USA, but operating in Latin América (Colombia, Venezuela)

Stage

Startup

Products & Services

A mobile app to send money across Latinamerica countries. Sending money from a Latam country to another Latam country is hard, slow, and expensive. With our app, our users could send money from Colombia to Chile, for example, in a matter of seconds, and so with all the Latam countries.

The way a user could do this in our app is by doing a deposit through sep-24 protocol in his local currency to our anchor partner in the origin country, the anchor partner would emit the stablecoin related to the local currency and will send to the customer, then the customer can exchange this currency to USDC through a buy order in the stellar ecosystem, then can send those USDC to the receiver customer in the other country, and this customer can exchange the USDC to the stablecoin related to his local currency, using a sell order, and then can withdraw the money to his local bank account using sep-24 of the anchor of that country.

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Previous submission

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What's new?

Goal & Budget

In 6 months, we want to have connections with anchors in at least three countries in Latin America (Mexico, Chile and Brazil) and an anchor in USA

Steps to get there

We already are in production offering sending money from Colombia to Venezuela, and vice versa.


Our idea is to implement business relationships with anchors operating in Mexico, Chile, Brazil, and the USA, as well as establish relationships with Market Makers in those countries, allowing us to accomplish money transfers using USDC as rails.

Our Request

We already have a running project, so now we are requiring money to reach more customers and get into new markets in Latin America. We think a contribution between $50,000 - $200,000 is great

Progress so far

We already have created the mobile application and have integrations with anchors in Colombia and Venezuela, allowing us to send money from Colombia to Venezuela and vice versa

Overview

PROBLEM & SOLUTION

Sending money between countries in LatAm is a hard, slow, insecure, and expensive process. If a person living in Chile wants to send money to Colombia, must do it through banks, money exchange stores, or independent remitters. Those mechanisms are expensive and slow (banks, money exchange stores), or insecure (independent remitters).


Do we want to create the “Wise (Formerly Transferwise)”, allowing through a mobile app to send money from a country to another country in a matter of seconds, leveraging over Stellar Network and USDC, doing money transfers without sending the money outside of the country borders but using Stellar Exchange Asset capabilities.


How do you use Stellar in your solution?

Similar to how Wise does, having local banking accounts in each country they have operations, and doing local deposits or withdraws when the money is sent, we want to have local anchors in each country implemented by us, or through a partnership with third-party anchors, and sending the remittances through the following process. Customer in country A deposits money through sep-24 using the local anchor, then the local anchor mint the corresponding local stablecoin and send it to the customer account. The customer account converts these coins to USDC, and sends them to the customer located in country B. The customer receiver receives the USDC and exchanges it to local stablecoin using stellar orders and then withdraws the local stablecoins to his local banking account using sep-24 withdraw of the local anchor.


TARGET MARKET

Our target market is young people who have emigrated from their countries to other countries in LatAm or even to the USA, and need to send money back to their origin countries, and who have a good understanding of technology and mobile applications. We want to appoint Millenials and Centennials young workers

REVENUE MODEL

We have two sources of revenue.  1st is a fee per transaction.  The 2nd revenue source is a spread on the exchange rates.  We believe that current offerings from incumbents are “predatory” and very high and we believe there is still a way to make a decent living without charging high fees and spreads.


SALES FORECAST

We are expecting to have 5k active users (once per month)  by the end of year 1.  Each using the app to send an average of 50 USD.


INDUSTRY AND MARKET RESEARCH


Remittances are very important for many families and a huge market.  According to IADB remittances into Latin America and the Caribbean were 128 Billion USD and continue to grow consistently year over year.   A solution to easily, quickly and “cheaply” execute the remittances will be highly valued.

THREATS AND OPPORTUNITIES

Many countries have “unfriendly” regulations with respect to crypto currencies.  We believe that this can be both a threat and an opportunity.   For some this can be a barrier to entry or a way to protect the status quo.  We believe that a company willing to be a pioneer, to “push the envelope” is required to contribute to the evolution of regulatory environment in our countries.


COMPETITION

All companies traditionally and currently involved in remittances are our competitors. Also new entrants to the market also working with cryptocurrencies are also our competitors.  However the market is huge and there is room for many companies.  We hope to find our target market and offer a very “sticky” solution that will be used consistently month after month.


MARKETING AND  SALES

As we are targeting a “younger” audience, advertising on Social Media and SearchEngines is going to be very important.  Also we believe “referrals” and word of mouth will be an important part of our growth during the first year.


RESOURCES AND RELATIONSHIPS

Strong ties to the Stellar ecosystem is very important.  Even more,  being closely related to the COP anchor is a good head start into our objectives.

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PROBLEM & SOLUTION

Sending money between countries in LatAm is a hard, slow, insecure, and expensive process. If a person living in Chile wants to send money to Colombia, must do it through banks, money exchange stores, or independent remitters. Those mechanisms are expensive and slow (banks, money exchange stores), or insecure (independent remitters).


Do we want to create the “Wise (Formerly Transferwise)”, allowing through a mobile app to send money from a country to another country in a matter of seconds, leveraging over Stellar Network and USDC, doing money transfers without sending the money outside of the country borders but using Stellar Exchange Asset capabilities.


How do you use Stellar in your solution?

Similar to how Wise does, having local banking accounts in each country they have operations, and doing local deposits or withdraws when the money is sent, we want to have local anchors in each country implemented by us, or through a partnership with third-party anchors, and sending the remittances through the following process. Customer in country A deposits money through sep-24 using the local anchor, then the local anchor mint the corresponding local stablecoin and send it to the customer account. The customer account converts these coins to USDC, and sends them to the customer located in country B. The customer receiver receives the USDC and exchanges it to local stablecoin using stellar orders and then withdraws the local stablecoins to his local banking account using sep-24 withdraw of the local anchor.


TARGET MARKET

Our target market is young people who have emigrated from their countries to other countries in LatAm or even to the USA, and need to send money back to their origin countries, and who have a good understanding of technology and mobile applications. We want to appoint Millenials and Centennials young workers

REVENUE MODEL

We have two sources of revenue.  1st is a fee per transaction.  The 2nd revenue source is a spread on the exchange rates.  We believe that current offerings from incumbents are “predatory” and very high and we believe there is still a way to make a decent living without charging high fees and spreads.


SALES FORECAST

We are expecting to have 5k active users (once per month)  by the end of year 1.  Each using the app to send an average of 50 USD.


INDUSTRY AND MARKET RESEARCH


Remittances are very important for many families and a huge market.  According to IADB remittances into Latin America and the Caribbean were 128 Billion USD and continue to grow consistently year over year.   A solution to easily, quickly and “cheaply” execute the remittances will be highly valued.

THREATS AND OPPORTUNITIES

Many countries have “unfriendly” regulations with respect to crypto currencies.  We believe that this can be both a threat and an opportunity.   For some this can be a barrier to entry or a way to protect the status quo.  We believe that a company willing to be a pioneer, to “push the envelope” is required to contribute to the evolution of regulatory environment in our countries.


COMPETITION

All companies traditionally and currently involved in remittances are our competitors. Also new entrants to the market also working with cryptocurrencies are also our competitors.  However the market is huge and there is room for many companies.  We hope to find our target market and offer a very “sticky” solution that will be used consistently month after month.


MARKETING AND  SALES

As we are targeting a “younger” audience, advertising on Social Media and SearchEngines is going to be very important.  Also we believe “referrals” and word of mouth will be an important part of our growth during the first year.


RESOURCES AND RELATIONSHIPS

Strong ties to the Stellar ecosystem is very important.  Even more,  being closely related to the COP anchor is a good head start into our objectives.

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About the Team

Carlos Neira

CEO

https://www.linkedin.com/in/carlos-neira-a1a44548


Amilcar Erazo

CTO

https://www.linkedin.com/in/amilcar-jos%C3%A9-erazo-perdomo-721a1a65/

*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)
*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 July 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)