Startup enfineo is building an alternative to regular cryptocurrency wallets, with a focus on traditional banking and finance. enfineo is a platform that seamlessly integrates traditional banking with the dynamic world of cryptocurrencies, allowing users to access savings accounts, cryptocurrencies such as Bitcoin, Ethereum, and other memberships without any extra effort or cost. We guarantee you can manage your cards in one place.
Fully compliant with mica In defiance of regulations, the startup recently raised more than $3 million in a series of crowdfunding and private investor-led funding rounds.
The company aims to bring “Web3” elements such as decentralized finance (DeFi) and tokenized loyalty programs into its own neobank, completely removing complexity from payments, whether fiat or crypto. want to be. Customers can create an account with enfineo in minutes, with a very simple KYC process. They will get a current account including their IBAN and account number, as well as a Web3 cryptocurrency wallet. Both of these are intended to seamlessly integrate with each other.
enfineo recently started issuing Mastercard debit cards and is looking to roll out its own debit card that works with Apple Pay and Google Pay. The startup doesn’t charge foreign transaction fees on top of Mastercard’s exchange rate. Once the card is deployed and a user makes a purchase with the card, they will receive a push notification on their phone in just a few seconds.
In other words, enfineo ticks all the right boxes in terms of providing basic banking functionality, while also having the advantage of allowing users to navigate the crypto regulatory environment with confidence. “We offer some of the best features from not only Revolut but also big names in crypto such as Crypto.com and Wirex, bringing the two worlds into one seamless solution that is easy to use even for non-crypto natives. Integrate it into your application.” Co-founder and CEO Alyn George Luca said in a statement.
What sets enfineo apart from other NeoBanks is that the startup is Web3-centric in nature. It is built on a proprietary infrastructure that can also connect to Web3 wallets. Recent reports have shown that traditional banks such as Standard Chartered, Citibank, and JP Morgan are embracing cryptocurrencies, investing in various platforms, and incorporating some features into their own platforms, as well as Web3.0. This suggests that interest in the field is increasing. And this is just the tip of the iceberg, there are many that are not necessarily as famous but are still increasing support for crypto-friendly schemes.
in its own native $ENF The project leverages cryptocurrency tokens to host various utilities, including gamified cryptocurrency rewards for enfineo account holders, cashback for transactions with ENF tokens, and more. “We are committed to continuous improvement and innovation and actively engage with our community to evolve and enhance our services, ensuring we remain at the forefront of the rapidly changing financial landscape.” Arin continues. With a total supply of 150 million tokens, the project also allows users to stake $ENF tokens. With this, we aim to offer a number of benefits including, but not limited to, a free subscription on the enfineo app, reduced trading fees, and an allowed list of different investment pools. The same goes for things like governance.
With enfineo, customers are also promised faster trading times and lower foreign transaction fees. For example, in the UK, bank transfers use Fast Payments, where transfers are instantaneous, but in some cases they have been removed to take at least a few hours, and even days. enfineo promises to reduce that time to just 15 seconds.
“We ensure that transaction times are maintained without compromising security, and this is a major focus for us. As a neobank offering crypto and fiat assets, we ensure the security of our users’ assets and data. Our platform incorporates advanced security measures and adheres to regulatory standards, ensuring a safe and trusted environment for financial transactions.”
The startup makes money from subscriptions. Accounts cost £5 per month. The company also aims to allow users to upgrade or downgrade their account tiers, providing complete flexibility and enriching their experience. enfineo is still in its early stages, with interest from over 5,000 monthly active testers for current MVP as of January 2024, and alpha testing expected to begin in Q1 of 2024. I am planning to do so.
If you are familiar with neobanks, you may know that fintech startups also make money from interchange fees. Every time you pay with a card, the card transaction fee is split between the merchant’s bank, the network provider (such as Mastercard), and the customer’s financial institution (in this case, enfineo).
In the future, enfineo plans to introduce spending pockets, giving users the ability to link cards to specific spending categories and share these pockets with other users to streamline budgeting. Users can create spending pockets and spend crypto and fiat currencies at once. For example, if he buys a laptop for 2000 USD and he only has 500 USD on hand, the remaining amount will be automatically deducted from the cryptocurrency he has added to his spending pocket and will be converted into one patent for him. enter. He does not have to make two payments for the same product. Certification alone is not enough when it comes to funds, so the company evaluates and carefully selects all financial instruments that contribute to its investment basket.
Neobanks have been around for a while, and many people are now familiar with the concept. A few years ago, many entrepreneurs wanted to start a “neobank for X,” but that trend has died down. Although enfineo is a bit late to the market, it also allows you to combine the world of cryptocurrencies with traditional banking while avoiding all the pitfalls that come with running a neobank.
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