The startup offers a decentralized banking platform that utilizes blockchain technology to facilitate peer-to-peer banking services for the global microeconomy. By providing secure access to international remittances and payment gateways, the platform enables users to manage their finances with greater control and transparency.
Funding
$1.8M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Traditional banking systems often exclude individuals and small businesses due to high costs, complex processes, and lack of access, particularly for cross-border transactions and those operating in the microeconomy. Existing solutions often lack transparency and can be slow and expensive, hindering financial inclusion for a significant portion of the global population.
Solution
BABB offers a mobile-first platform that leverages blockchain technology to provide accessible and inclusive financial services, especially for the unbanked and those engaged in the microeconomy. The platform enables users to create accounts in minutes, manage both traditional currencies and cryptocurrencies in one place, and conduct instant peer-to-peer transfers globally. By utilizing its native BAX token and Currency X stablecoins, BABB facilitates low-cost micropayments and remittances, bypassing traditional banking fees and complexities. The platform also supports GBP and EUR accounts, crypto storage and conversion, and aims to connect individuals and foster financial inclusion on a global scale.
Target Audience
The primary target audience includes individuals excluded from traditional banking services, those engaged in the microeconomy, and users seeking low-cost, transparent solutions for international remittances and digital asset management.
Features
- Mobile app available on iOS and Android for account management and transactions
- Hybrid accounts supporting GBP, EUR, and various cryptocurrencies (BAX, BTC, ETH, USDT)
- Currency X stablecoins for seamless P2P transfers and exchanges
- Real-time GBP and EUR transfers via integration with Modulr
- Segregated accounts for safeguarding customer funds
- eKYC process with 2-factor authentication and CAPTCHA checks for enhanced security
- Compliant with FCA regulations for cryptoasset firms
- BAX token integration for frictionless transfers and conversions
- Wallet functionality for storing, converting, and sending digital assets
- Zero-fee internal transfers for cryptocurrency and Currency X