Moneco (YC S22)

Neobank for African migrants in Europe

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Security Type
CAFES
Categories
Technology, Retail, Financial Services, Community & Lifestyle, Other
Min Investment
$100
Location
Delaware City, , Delaware
No. Investors
326
Website
moneco.app

Key Deal Facts

First Neobank addressing the African diaspora
in Europe with tailored financial products
Private beta with ~100 users who sent remittances for $8k GTV in 2 weeks
Addressing a market of 5.8m people with a potential of $2.6b by 2025
Cheapest and most efficient path to send money to Africa, offering 0% fees to some countries
Moneco is the only actor covering the entire value chain, whilst being competitive in every aspect
$1.8m raised in this round from Kima Ventures, Soma Ventures, Alan Rutledge, and CEO of BloomTech
Planned expansion to other home countries of European migrants, creating a $17.5B market by 2025

Management Team / Advisory Board Bios

Bilal Dahlab Co-FounderFormer Associate at Boston Consulting Group and Blockchain projects, Kuassi Jimmy Kumako Co-FounderFormer Google and Paystack developer, co-founded CoinAfrique, Shams Radjabaly Co-FounderFormer Associate at the Boston Consulting Group and fixed-income trader at Societe Generale.
Amount Raised : $146,169
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Security Description

A CAFES (Contract and Future Equity Stake) can convert into different types of equity upon a Triggering Event, such as: common or preferred stock for a corporation, limited partnership interest for a limited partnership and membership interest for a limited liability company. At the time of the Triggering Event, the specific rights and limitations associated with the equity stake being issued to the investors will be determined and disclosed by the Entrepreneur.

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