Moneco Analysis: $125K Raised
What is Moneco?
Moneco is a financial application for Africans and the African diaspora that provides USD and EUR accounts, a USDC wallet, and payment cards. Its service structure relies on regulated partners for accounts, transfers, wallet infrastructure, and card issuance. The company says Moneco Canada Inc. is registered in Canada and listed with FINTRAC and the Bank of Canada.
Location
99 Avenue Achille Peretti, Neuilly-sur-Seine, Île-de-France 92200, France
Employees
11-50
Founded
2022
Business Model
B2C fintech services; revenue from transaction commissions and service fees.
Product Features & Capabilities
- euro account opening, international VISA payment cards, money transfers to 11 African countries, intra-Europe money transfers, biometric identity verification, personal data protection.
Pricing
- Abonnement Saba: 0€/mois
- Ouverture de compte: Gratuite
- Carte Débit physique: 20€ + 1,5€ / mois
- Paiement par carte zone Euro: Gratuit
- Virement émis: 0,25 €
- Prélèvement: Gratuit
- Retraits zone Euro: 1,50 € / retrait
- Solde minimum: 0.0€
- Frais de tenue de compte: Gratuit
- Recharge par carte bancaire (instantané): 100€ gratuit, puis 1%
- Virements entrants: Gratuit
- Virements sortants (zone euro): 0,25€
- Virements instantanés sortants: 0,25 €
- Transfert à un autre utilisateur Moneco (instantané): Gratuit
- Carte Visa Internationale: 20€
- Abonnement carte: 1,5€/mois
- Mise en pause de l'abonnement: 5€
- Réactivation de l'abonnement: 1,5€/mois
- Paiement à l’international: 0,5€ par transaction
- Retraits à l’international: 2€/retrait
- Remplacement carte: 20€
- Carte virtuelle: 5€
How much Moneco raised
(Undisclosed) - $125K
2022Lead Investor: Y Combinator
Competitors Overview
Moneco operates in a competitive landscape with several notable competitors in the financial application market, particularly targeting the diaspora. The main competitors include:
-
Kredete:
- Overview: Kredete is a financial platform designed specifically for African immigrants, allowing them to send money to Africa with low fees and build credit through instant international money transfers.
- Advantages: Kredete focuses on affordable cross-border money transfers and offers additional services like credit building, which may appeal to users looking for financial growth alongside remittance services. They utilize AI for decision-making in financial products, enhancing user experience and efficiency.
- Website: Kredete
-
LemFi:
- Overview: LemFi is a financial services platform that enables diaspora communities in North America and Europe to send money quickly and affordably to various countries, including those in Africa.
- Advantages: LemFi has secured significant funding to enhance its services and is positioned as a trusted partner for immigrants, focusing on reliability and affordability in money transfers. They support a wide range of countries, which may attract a broader user base.
- Website: LemFi
-
YMoney:
- Overview: YMoney is a digital payment solution provider that offers instant money transfers and mobile payment services.
- Advantages: While specific details about YMoney's unique offerings compared to Moneco are less clear, their focus on instant transfers positions them as a competitor in the fast-paced digital payment sector.
- Website: YMoney
Moneco differentiates itself by specifically targeting the African diaspora with tailored services like euro account openings and international VISA cards, which may not be as prominently featured by its competitors.
Market Focus
Moneco primarily focuses on the financial technology (fintech) industry, specifically catering to the diaspora by providing services such as euro accounts, international VISA payment cards, and money transfer solutions to Africa and within Europe.
Investors
- Ajim Capital
- Alan Rutledge
- Austen Allred
- Bpifrance
- De/Ce Ventures
- Y Combinator
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