MovoCash enables you to “Instantly send and spend money right from your phone, even if you don’t have a bank account”. The CEO and co-founder, Eric Solis will be discussing the MovoCash project with us in this interview.
1) Please tell us your name and about yourself?
My name is Eric Solis, founder and CEO of MOVO. I am a full stack entrepreneur, which means that I take out the trash, move desks and chairs, dust, I am good with a vacuum and know how to mop floors. I can do most of the other tasks required of a CEO as well.
2) What is MovoCash?
MovoCash is a digital payments company that specializes in interoperability banking. This means that we build technology that is functional across multiple payment systems and protocols such as mobile, distributed ledger and blockchain technologies.
3) What are the major features of the MovoCash e-wallet app that make it unique from others?
One example includes MovoChain, which allows users to send money P2P using bitcoin as the store of value that is converted to cash, on the fly and spun into a debit card that can be spent anywhere credit cards are accepted worldwide. We also connect legacy systems together in unique ways enabling friends to send friends Real Time Payment Cards right from their MOVO app. Just select the amount and send, and the receiver claims the funds and the payment card is presented, loaded and ready to spend. We are also developing a dollar denominated cryptocurrency that we call MOdallion™.
4) Could you give us a walkthrough of the MovoCash ecosystem; how it works and the technology behind it?
At its core, MOVO empowers consumers to use mobile numbers, emails, social ID’s and other unique identifiers to send Real Time Payment Cards™ that can be redeemed anywhere Visa cards are accepted through its global network. This means that we take an existing technology that most think of on a vertical access between a consumer and a merchant and we lay it horizontal and have turned it into a person to person payment system. For example, Square introduced a toggle which allowed a micro merchant to accept Visa payments. In essence, we have removed the toggle, allowed the transaction to happen in the cloud and opened it up to individual consumers for all practical purposes can receive Real Time Payment Cards for peer to peer payments.
The technology behind the system could be defined as interoperability that leverages existing payment processors, branded card networks, proprietary distributed ledgers, validators, containers, hyper ledger, Kubernetes, ACH, pooled funds accounts, settlement accounts, data analytics, gateways, etc. All of these are connected in a unique way that produces a one of a kind payment platform.
5) Who is MovoCash for and what is the gap for this e-wallet app in the fintech market?
MOVO is most appreciated by a psychographic as opposed to a specific demographic. Specifically, it attracts people that believe there is a better way to bank and live a highly mobile lifestyle. They are typically people that want to take control of their money in a way that empowers them to in essence become their own bank and banker. It’s a strong self serve model that provides a means to protect themselves from a world that has gotten increasingly porous where financial systems are concerned. This answers the next question. The gap we fill in the e-wallet space is our patented solution that delivers the technology that was once deep in the vault of a bank, far from a consumers reach. MOVO’s card issuing technology puts this power right inside of a consumer’s mobile device, where they can now issue cards to themselves, family and friends, or for that matter to complete strangers in dominations they choose.
6) Do you have any investment opportunities at Movocash to share with us?
MOVO closed a Series Seed round of $2.5 million in 2016 and raised $7 million in a Series A round in Q1 2018 for a total of $9.5 million and is now going out for a B round. We are interested in finding strategic investors that have a strong belief in building “on-ramps” and “off-ramps” between legacy financial systems and the use of powerful blockchain technology with the vision to build a worldwide financial system that once and for all achieves universal acceptance and financial inclusion on a global scale.
7) Do you have any major investors or partners you will like to share with us?
MOVO is unique in that all of the money raised thus far is from family and friends. We are happy that both Visa and Mastercard are strategic partners along with Metropolitan Commercial Bank, i2c, Bitpay and others who have helped MOVO to become what it is today.
8) At what stage of development is the MovoCash project and what is next on your roadmap?
MovoCash, MovoCoin and MovoChain 1.0 are launched and in the market. We have over 250,000 registered users with an ARR of 1,000,000 growing 20-30 percent per month. We are in proof of concept with our 3.0 HyperBin technology which introduces a first-of-its-kind blockchain payments processor for Real Time Payment Cards.
9) Could you tell us about your team of experts and customer support?
Tongue-in-cheek, I make it a habit to stay away from experts, because they screw things up. Instead I find really smart people who are dedicated, visionary, self motivated and passionate and then turn them into organically grown MoMentors who become experts at all things MOVO. As for customer support personnel, we call them MoPros. Being a MoPro means you have a different way of viewing the world. Their mission is to create the best customer experience on planet earth and to literally extend their love for MOVO to each person they come into contact with inviting them to be become a part of the MOVO-ian family. P.S. I love our MOVO-ians!
10) How Safe is MovoCash, would you like to discuss your compliance and security measures?
From a consumer perspective, all of the funds held with MovoCash are FDIC insured (Metropolitan Commercial Bank, member FDIC). We use issuing bank quality technology (PCI/DSS, 256 bit encryption) and comply with all applicable rules and regulations including the Patriot Act, AML, BSA, OFAC, et al.
For more information, visit https://movo.cash/