We are excited to announce that Wallet Engine signed a commercial agreement with a strategic partner, an opportunity valued over US$ 1 million. With the help of our new strategic partner we will be able to offer products beyond in-app wallets to further strengthen our position in embedded finance.
Go Live is only a few months away now!
The past year has been a roller coaster ride. With nation-states declaring lockdowns it has been increasingly difficult to meet business partners and clients. However, with the support of great mentors, advisors and a hard working team, we have managed to build traction. In recent months we have signed agreements with new apps to bring the potential monthly active users we could serve to over a million.
We have taken part in one of the largest acceleration programs hosted by the Korean Government – namely KStart-Up Grand Challenge and even managed to get into the final 15 teams from almost 3,000 applicants. We are also welcoming SOSV as a new investor and we are participating in the current batch of their Mobile Only Accelerator (MOX). This opens up opportunities to deliver embedded finance to their existing portfolio companies, currently boasting over 100 million monthly active users.
We are now actively working with our early adopter community and business partners to provide their first embedded finance experience. Our customer portfolio is diverse and includes apps in domains such as content creation, streaming, gaming, hospitality, personal finance. All of these bring unique use cases around small-value user to user payments.
Our early adopter community is valuable for the sustained growth of our business. Which is why we provide exclusive benefits and support from the first day of testing until go-live. We are thrilled to go on this journey with the first apps and are very determined to grow together with our clients to prove that small value user to user payments have great potential. This will also lead to us being able to bring embedded finance to larger apps with which we have already spoken. They are currently waiting for our first use cases before transitioning to the next phase. For instance, some of the large apps in our pipeline have over 10 million monthly active users.
The first community app will launch as part of our early adopter program with their own branded in app wallets towards Q3 2021, in Singapore. Through our strong network of partners we will be able to quickly move to other countries in Southeast Asia and have the Philippines and Indonesia on our roadmap for this year.
We are on a mission to bring embedded finance to life for digital communities with users across borders. If you want to be a part of this journey, join our team – we are hiring.
- Network Integration Manager
- Product Owner Core Banking System
- Digital Marketing Lead
- Social Media & Community Manager
- Lead Developer
- Frontend Developer
About Wallet Engine:
Wallet Engine is a bank-like financial institution providing apps with the cross-border embedded finance stack so they can enable their users from around the world to store, send and receive money seamlessly as part of any user journey. Wallet Engine is a monetisation lever and turns any app into a financial app, multiplying customer value by 3-5X while increasing stickiness, retention and data capture.
Stay tuned for more announcements around our new partnerships!