We make many payment transactions in our daily life. These payments are sometimes an invoice, sometimes just routine market shopping. Considering these payments we make every day, we spend a considerable amount of time in our lives. At this point, the technologies that speed up the payment processes make our lives much easier. When we think about the seller, the fact that payment processes are smooth and fast is of great importance for both customer satisfaction and more sales. Moneymo offers a great solution to speed up payment processes.
Moneymo integrates with both banks/e-wallets and merchants to create a mobile shopping universe. It provides mobile banking/e-wallet users a simple, fast, and secures ubiquitous shopping experience through all online and offline sales channels.
Barış Yüceses;22 years of experience in software development, project, and business management in Banking and CRM.Barış Bayoğlu;20 years of experience at Project, sales, and business development in investment and software industries, including CRM and ERP.Harun Küçüksüslü4 years of experience in sales and business development.
Our founder, Barış Yüceses founded the company in October 2016. While he was working as a project manager for Isbank, they developed an integration for the bank’s Maximum Mobile App to purchase cinema tickets. The project lasted for 8 months and failed due to lack of usage. Isbank realized that they cannot put effort into such integration projects with each retailer one by one. Barış realized that the model could be consistent only if an independent company run integration processes both with banks and retailers to create a mobile shopping universe. Only a single integration with the integrator company would be enough for both sides to join the ubiquitous mobile shopping universe. And so Moneymo was born.
Instead of developing a new app for the market, Moneymo enables all banking/e-wallet apps to be used as shopping tools. Moneymo covers the whole customer journey in means of payments, ordering, retailers' campaign/loyalty/rewards programs and banks' credit services while combining all online and offline sales channels (in-store, cash register, billboards, banners, catalog, newspaper, etc.) through any media (QR Codes, barcodes, NFC, IR, IoT, etc..) with a unique O2O model. It also covers all payment methods like credit/debit cards, remittance and even credit services of financial institutions.
We do not generate any revenue currently. Our initial launch was planned in April with Garanti BBVA and Aygaz LPG in Turkey but, postponed due to Coronavirus crisis. We will also go live in Cyprus simultaneously in Cyprus.
The number of financial institutions and merchants integrated with are our initial KPIs that will add value to Moneymo. Next KPIs are the number of existing banking customers using the model and transaction volume.
We plan to expand our model in at least 16 countries, through 30 large banks and 200 giant chain merchants. We will also automatize our integration processes on sector-based APIs.
We have raised an initial fund of $600k from a group of angel investors for a $3 million evaluation in August 2017. We raised a secondary early-stage fund of $120k from the same group in April 2019 for the same evaluation. Now, our investors hold 29% of the equity share of Moneymo.
Iyzico is a Turkey-based fintech company that simplifies VPOS for everyone. They inspire us with their successful exit. We have integrations with Wirecard and Birleşik Ödeme. Both companies’ open-minded and innovative approach shows their startup roots. We are excited to work with such successful fintech companies
November 10, 2020