• About 50% Retention Rate
• Investors include 2 Korean VCs, 1 U.S. VC, and Bank Foundation for Young Entrepreneurs
• Founders include serial entrepreneurs, former VC (SoftBank, FuturePlay) as well as Samsung engineer
• Plan to get a money transfer license issued by Ministry of Finance, South Korea
Company DescriptionMOIN is a FinTech startup to solve problems of the foreign remittance system. The traditional overseas remittance by commercial banks is based upon the SWIFT system, and it causes expensive fees, slow transfer time, and incomprehensible fee structure.
It takes 2 days ~ 1 month depending on the currencies sent abroad in the current remittance system. It is also hard for senders to understand and estimate the exact remittance charge due to the complicated fee structure, which consists of inbound/outbound intermediary bank commission, foreign exchange fee, wire (SWIFT) cost, and service fee. Moreover, difficulty of tracing the transfer route makes customers anxious.
To provide a solution to the problems above, MOIN has been developing a Blockchain-based foreign remittance solution, which enables customers to transfer money abroad faster and more convenient with lower cost. MOIN’s transfer system is like this: MOIN receives money from sender in local currency (Korean Won), and converts this into digital currency such as Bitcoin through local Bitcoin Exchange. Then, MOIN sends this Bitcoin to a foreign Bitcoin exchange where recipient lives in. This Bitcoin is now converted into the applicable currency (ex. Japanese Yen), and transferred to the recipient. Customers can send their money 50~80% cheaper compared to the existing transfer service by using MOIN’s automated foreign remittance system. Moreover, MOIN can transfer fund within 48 hours. In addition, MOIN is very easy and convenient to use. Not only customers can understand the MOIN’s simple transfer process but also the funds they send are traceable.
MOIN will start its foreign remittance service with “Rebittance” (a compound word of Remittance and Bitcoin) model at first. Later, this Rebittance method will be integrated with other models such as “Pooling” method, which lowers remittance charge by sending money in a pool of small sums instead of each transactions separately, and “Netting” method that funds are not actually transferred across the borders but netted bilaterally by matching senders with recipients within each country. MOIN will combine these methods by developing mathematically optimized algorithms and then provide the best and cheapest way for customers to send money abroad.
Starting from outbound remittance market (China, South east Asia, Japan etc) based on Korea, MOIN will expand the business throughout Asia, providing the most optimal remittance service for customers.
Funding| Total Funding Amount: $443,667
KRW 500.0 million ($ 443,667) | July 2016 | Seed
|Strong Ventures||Strong Ventures is a seed fund, based in California, supporting Korean-Global entrepreneurs.||United States|
|Capstone Partners||We are looking for entrepreneurs aiming at the global market||South Korea|
|DCAMP||D.CAMP - Banks Foundation for Young Enterpreneurs, also known as Dream Bank, is a non-profit organization funded by tweenty banks ...||South Korea|
|Bokwang Investment||South Korea|