Xare is a financial app that enables users to create and share virtual debit or credit cards with their network, allowing for instant access to funds without the need for traditional bank transactions. This platform addresses the challenges of money transfer and expense management by facilitating secure card sharing among family and friends, regardless of their banking status.
Funding
$10M 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.
5SAADIFFKV+3Founders
Product
Problem
Traditional methods of sharing funds often involve time-consuming and expensive bank transactions, while also requiring recipients to have their own bank accounts. This can be particularly challenging for individuals needing to send money to family and friends, especially those without bank accounts or who are located in different countries.
Solution
Xare provides a mobile application that enables users to create and share virtual debit or credit cards with anyone, providing instant access to funds without requiring traditional bank transfers. Users can create virtual cards linked to their existing credit or debit cards and set spending limits for each shared card. Recipients can then use these virtual cards for online or in-store purchases, even without having a bank account. Xare also facilitates international money transfers by allowing users to share cards with individuals in other countries, eliminating the need for complex and costly wire transfers. The platform employs encryption technology to ensure that card details remain secure during the sharing and transaction processes.
Target Audience
Xare primarily targets individuals who regularly share funds with family and friends, including those who send money internationally or to individuals without bank accounts, as well as users seeking a secure and convenient way to manage shared expenses.
Features
- Instant card sharing: Create and share virtual cards in seconds.
- Spending controls: Set spending limits on shared cards to manage expenses.
- Global accessibility: Share cards with anyone, regardless of their location or banking status.
- One-click checkout: Shop at various online stores with a seamless checkout experience.
- Card sharing for groups: Create or join XareClubs to share cards and access exclusive discounts.
- Bank-grade security: Employs encryption to protect card details.
- Real-time tracking: Monitor spending and manage shared cards through the app.
- UPI support: Customers in India can use UPI for local transactions.