Flux Analysis: $10M Raised
What is Flux?
Flux offers cross-border money transfer, virtual dollar cards, cryptocurrency purchases, and foreign-currency saving tools. The website states support across 40 plus countries and positions the service around spending, banking, investing, shopping, and bill payment. The legal pages name Blueloop Inc. as the operating entity behind the FLUX platform.
Location
10, Hughes Avenue, off Herbert Macaulay Street, Yaba, Lagos 100001, Nigeria
Employees
1-10
Founded
2020
Revenue
$8.6M
Product Features & Capabilities
- Send & receive money instantly, create virtual dollar cards, unlimited free local bank transfers, buy and store 90+ cryptocurrencies, secure online payments, no account maintenance charges, free account setup.
Pricing
- Setting up a Flux account is free and does not require a minimum deposit.
- All local cash transfers are free on Flux, with no hidden charges or maintenance fees.
How much Flux raised
May 20, 2021 - $10.3M
Lead Investor: Distributed Global, Coinbase Ventures, CoinFund
HQ Full Address
10, Hughes Avenue, off Herbert Macaulay Street, Yaba, Lagos 100001, Nigeria
Investors
- Ellen Levy
- Uncork Capital
- Archetype Ventures
- Aozora Corporate Investment
- Orange DAO
- Y Combinator
- Flori Ventures
- Hustle Fund
- Mozilla
Market Focus
Flux primarily focuses on the financial technology (fintech) industry, providing services for sending, spending, banking, and investing securely through its app.
Competitors Overview
Flux operates in a competitive landscape with several notable rivals in the financial app market. The main competitors include:
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Afriex: Based in Houston, TX, Afriex focuses on cross-border payments, allowing users to send money internationally with low fees. Its advantage lies in its specialization in remittances, catering to users needing to transfer funds across borders efficiently.
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Dwolla: Located in Des Moines, IA, Dwolla offers payment solutions primarily for businesses, enabling them to facilitate ACH transfers. Its strength is in its robust API, which allows businesses to integrate payment solutions seamlessly into their platforms.
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Moniepoint: Operating in Lagos, Nigeria, Moniepoint provides mobile payment solutions tailored to the African market. Its advantage is its local market expertise and focus on mobile transactions, which are crucial in regions with high mobile penetration.
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XE.com: A well-established service for currency exchange, XE.com offers competitive rates and a user-friendly platform for international money transfers. Its long-standing reputation and extensive network give it a competitive edge in currency conversion.
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TerraPay: Based in London, TerraPay specializes in mobile payments and remittances, focusing on providing services to unbanked populations. Its advantage is its global reach and partnerships with various financial institutions, enabling it to facilitate cross-border transactions effectively.
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INDMoney: A comprehensive financial management app that allows users to manage investments, track expenses, and monitor credit scores. Its all-in-one approach may attract users looking for more than just payment solutions.
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OneScore: This app focuses on credit score management, providing users with insights into their credit health. Its specialization in credit scoring can appeal to users interested in improving their financial standing.
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Clear Score: Offers free access to credit scores and reports, along with personalized financial advice. Its established presence and significant funding allow it to provide extensive resources to users.
These competitors differ in their geographic focus, specific service offerings, and target customer segments, providing users with various options based on their needs.
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