Silicon Canals
TRENDING
  • Mobility
  • AI
  • FinTech
  • Software & SaaS
No Result
View All Result
  • Home
  • News
    • COVID-19
    • Startups
    • Scaleups
    • FinTech
    • AI and chatbots
    • Travel & Mobility
    • Software & SaaS
    • Health & Medtech
    • (Crowd)funding
    • Blockchain
    • Internet of things
    • Hardware
    • Accelerators
    • E-commerce
    • Cybersecurity
    • Gaming & Virtual Reality
    • Drones
  • Features
    • Promoted content
    • How-to
    • Knowledge & Insights
    • Guest Contributions
    • Scaling-up in Europe
  • Amsterdampartner
  • Events
  • Newsletter
  • Jobs
  • About
    • Partner with Silicon Canals
    • Team
    • Contact
  • Home
  • News
    • COVID-19
    • Startups
    • Scaleups
    • FinTech
    • AI and chatbots
    • Travel & Mobility
    • Software & SaaS
    • Health & Medtech
    • (Crowd)funding
    • Blockchain
    • Internet of things
    • Hardware
    • Accelerators
    • E-commerce
    • Cybersecurity
    • Gaming & Virtual Reality
    • Drones
  • Features
    • Promoted content
    • How-to
    • Knowledge & Insights
    • Guest Contributions
    • Scaling-up in Europe
  • Amsterdampartner
  • Events
  • Newsletter
  • Jobs
  • About
    • Partner with Silicon Canals
    • Team
    • Contact
No Result
View All Result
Silicon Canals
No Result
View All Result

Venmo’s European rival JoomPay secures Luxembourg Electronic Money Institution (EMI) licence

Editorial team by Editorial team
November 24, 2020
in FinTech, News, Software & SaaS, Startups
0
JoomPay
29
SHARES
LinkedInTwitterWhatsAppFacebook

Money transfer apps have significantly evolved in the past few years, with numerous of them offering the ability to send money across the world using different currencies. 

While banks were too slow to embrace the internet, several third-party apps took the chance to make transferring money between people easy and painless.  According to a report, Europe leads instant payments evolution with $18T (approx €15T)  in worldwide volume predicted by 2025 up from $3T  (approx €2.5T) in 2020 – a growth of over 500%. 

 - Partner content -
Cost of software - The Software house
The cost of building software
Marek Gajda, CTO of The Software House, shares his insights on building high-quality...Show More
Marek Gajda, CTO of The Software House, shares his insights on building high-quality software. Show Less
Read more

There are more than 50 peer-to-peer payments solutions currently co-existing in the Single Euro Payments Area (SEPA), and all of them lack pan-European interoperability. In this case, people have to exchange cash which isn’t an option for online purchases, use slower and cumbersome bank transfers where they have to learn people’s IBANs, or utilise cross-border money transfer services that focus on large-value transactions and charge at least a few percentage points.

Based out of Luxembourg, JoomPay is one of the notable money transfer platforms in Europe trying to tackle the cumbersome process.

Obtained EMI licence

Recently, the company announced that it has obtained the Luxembourg Electronic Money Institution (EMI) licence. With this license, the company will be able to serve European clients, enable people to send and receive money with anyone, instantly, and free of charge. 

“Since COVID-19 started, we’ve seen a significant decline in cash usage. People can’t meet as easily as before but still need to send money, and we offer a viable alternative”, Yuri Alekseev, CEO, and co-founder of JoomPay, says. “The whole world goes online, and we consider this as an opportunity for further development”. 

Spin-off of Joom

JoomPay, a spin-off of Joom (a leading shopping application in Europe), allows users to send and receive money from any person, regardless of whether they use JoomPay or not. All you need is either their email or phone number.  

JoomPay connects to any existing debit/credit card or the user’s bank account and provides fast money transfers. It also provides its users with a European IBAN and an optional free JoomPay card with exceptional cashback and bonuses, claims the platform. 

As of now, JoomPay public beta version is available for download in the App Store and Play Store with more than 15,000 clients already. The company says it will release the new version of the app under its license to the general public later this winter. 

Main image credits: Joom

close

Want to stay on top of the latest rounds, coolest tech and hottest startups?

Subscribe to our free, daily news blast and stay up-to-date!

Check your inbox or spam folder to confirm your subscription.

 - Partner content -
Hiring during COVID Intrinsic Search
Hiring SaaS sales executives
Check out the do's and don'ts while hiring SaaS sales executives
Check out the do's and don'ts while hiring SaaS sales executives Show Less
Read more
Tags: appsFinTech
Share2Tweet7SendShare12

Partner content | Work with us

Future of coding: CTOs discuss low-code versus custom code software development for their business

Why now is the perfect time to start hiring for 2021

SaaS sales in 2021: 9 predictions from an industry expert

Diversity in hiring for SaaS: the often overlooked topic of ageism

Boost your scale-up’s growth by outsourcing to these top Eastern European software development companies

Subscribe to our daily newsletter

Check your inbox or spam folder to confirm your subscription.

Breaking news from Amsterdam | Partner

Amsterdam-based Media Distillery uses AI to understand what’s inside video; secures €3M

These powerhouse female VCs are funding Amsterdam’s most innovative and diverse startups

Amsterdam-based WeTransfer reportedly planning a stock market flotation

Amsterdam-based Peak Capital’s portfolio firm Flinders acquired by Nine United; VC firm’s first exit of 2021

Advertisement

Trending

Adobe flash
News

Adobe pulls the plug on Flash, but here’s how you can still play some iconic Adobe Flash games

January 4, 2021
11 AI leaders from Amsterdam to watch in 2021
AI and chatbots

11 AI leaders from Amsterdam to watch in 2021

January 7, 2021
Amsterdam
Amsterdam

CES 2021: Meet the 12 Amsterdam-based startups in the Dutch delegation

January 13, 2021
  • About Silicon Canals
  • Partner with Silicon Canals
  • Contact us
  • Newsletter
  • Disclaimer
  • Privacy policy
  • Terms & Conditions Silicon Canals

Silicon Canals 2014-2020 | Website: Bright Idiots

No Result
View All Result
  • Home
  • News
    • COVID-19
    • Startups
    • Scaleups
    • FinTech
    • AI and chatbots
    • Travel & Mobility
    • Software & SaaS
    • Health & Medtech
    • (Crowd)funding
    • Blockchain
    • Internet of things
    • Hardware
    • Accelerators
    • E-commerce
    • Cybersecurity
    • Gaming & Virtual Reality
    • Drones
  • Features
    • Promoted content
    • How-to
    • Knowledge & Insights
    • Guest Contributions
    • Scaling-up in Europe
  • Amsterdam
  • Events
  • Newsletter
  • Jobs
  • About
    • Partner with Silicon Canals
    • Team
    • Contact

Silicon Canals 2014-2020 | Website: Bright Idiots

X

This website uses cookies to ensure the best possible experience. We may share this information with our advertising and analytics partners. By clicking 'Accept', you agree to our use of cookies and similar technologies. More info