Payments & Loans

eVostro

04/02/2021
 
15:00
 - 
17:00
UK

About the Startup

About our Startup:

eVostro reduces the cost and time for global payments by interlinking for the first time existing national real-time payment systems in the world and leveraging open banking.

Problem and Opportunity:

There are overseas homeowners who need to own a minimum of two EU/UK bank accounts to pay for utility bills, insurance, and maintenance. In addition, they pay high fees currently for ATM withdrawals and Interbank fees. Overseas workers and students, Expats, Pensioners living abroad can't keep nor obtain bank accounts in the UK to receive pensions, and citizens from other countries can't get accounts easily in France, Italy or Spain It is even more difficult for overseas or migrant EU workers, and students or expats to get EU/UK bank accounts or to send funds home from overseas.

eVostro solves this problem by offering our innovative solutions:Europe Pack - One EU or UK bank account or both at fixed price interbank FX rate. IBAN in Ireland, France, and Spain, and the UK. Italy under investigation.

Global Remittance Pack - Different to any Neo Bank or Transferwise because the funds can be sent directly from your own bank account in Real-time in BOTH the sending and the receiving countries. Much simpler, faster, more compliant, and at a lower cost.

What makes us unique:

eVostro reduces the time and cost for global payments and bundles this with rewards and loyalties. We avoid the need to move the funds to a payment provider first or bring them in cash as in the case with our competitors Transferwise, Revolut, and other payment solutions on the market. These solutions are very inconvenient for the user as it takes one to three days to move funds via partners and execute the transaction.

Our disruptive technology is highly innovative and uses PISP open banking and real-time payments systems end-to-end to ensure transaction speed in less than 3 minutes internationally. We pay directly, at the same price or less than our competitors, leveraging open banking and existing national RTP rails in the recipient’s country, with no extra onboarding, making it simple, secure, and easy for the end-user.

Go-to-market plan:

eVostro has developed a large partnership network that will fuel our growth and geographical reach.

Modulr UK

TransferMate Global

CurrencyAlliance Global

StableCoin issuer in Brazil

A Trust in BrazilVolt.io payments partner UK

Easycollect Direct Debit UK (Bank Grade)

Incentage.com Payments Partner Switzerland

A Dutch Bank

An International Remittance Telco

A Stable Coin in Brazil

A Payments provider in Philippines

Traction:

Our ground zero solution is in the Live BETA stage. The solution allows us to issue IBANs and receive payments. It also enables PISP Open Banking payments from any EU and UK bank accounts. At present, there are several corporate clients live, with more in the pipeline being onboarded. We will partner with a bank for the mobile application which is already in production (10k plus beta downloads) reducing the product development cost and time to market and sharing a future enhancement roadmap leveraging our global payments partners and licensing.

Management Team:

Our core team are dedicated high performance/committed individuals with solid expertise in payments that have worked together for over 10 years.

Our CEO Vincent has over 30 years of experience in Payments. Before eVostro he worked as an Executive for the ECB, SWIFT, Vocalink, Paysafe Group, PayX International, and has also consulted various Fintechs in Payments. Our Head of Compliance Oihane is an Ex-large tier corp. Payments SME MLRO CAMS. Our Head of Growth, Gergana is an ex Investment Funds Banker. We have partner firms with tech API and delivery capabilities, we will add core staff post-seed funding in technology, product, and DevOps.

We have also managed to attract a few additions to the team on a part-time basis consisting of known (and highly proactive) veterans in payments. They have come from various backgrounds in banking and payments complementing the skills of the team. Our Head of Partnerships, Norbert is an ex-Director of MasterCard Enterprise partnerships and is bringing all his vast knowledge to disrupt the Payments market. Chris Chan is Our Head of Risk bringing extensive expertise in Risk Management. David Wilson- Head of PR and marketing is an ex-Director of PR for Sony Corporation. Roy Vella, responsible for business development and product is an ex-Director RBS , and senior lead PayPal is bringing his solid experience in Payments and UX/UI to our solution.

Our CTO- TBA

Ask:

We will be raising our SEED round of EUR 2 Mio in H1 of 2021 and already have confirmed interest from large VCFs. In the lead up to that, we are in the process of closing our bridge financing of EUR 500K. We are open to discussions and exploring potential interest in our fundraising journey.


Startup Details:

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