Empowch
Empowch is a mobile to mobile money platform facilitating value transfer and payments for gig economy workers, remittances, or other instances of cross border payments.
Website: https://www.empowch.com/
HQ: Washington DC, United States
Active Markets: Global
Problem Addressed
According to Empowch, 1.4 million people across the world lack access to basic financial services, although two-thirds have access to a mobile phone. Additionally, frictions such as cost, time, and administrative processes create challenges for cross border value transfer efforts.
Project Description
Empowch intends to provide greater ease and access for un- and underbanked individuals, such as those lacking sufficient information to open a bank account, rural and non-tech-savvy users, or for digital nomads, gig economy workers, and creatives. Empowch integrates USDC stablecoins and XLM digital currencies to provide low-cost cross-border blockchain financial services. Peer-to-peer payments through Empowch up to $300 are free, amounts above $300 incur a 1% charge on transaction value.
Progress to date
Empowch officially launched in 2022 after being rebranded from Bankey LLC, a mobile wallet company. In the first three months, Empowch gained over 300 users. In July 2022, Empowch announced a migration to the Stellar Blockchain and collaborations with Wyre Payments, Circle, and MoneyGram. Empowch hit 700 total users May 2023. In March 2024, Empowch and crypto on / off ramp provider Kado announced a partnership to improve access and efficiency in the United States. This partnership with Kado also increases capabilities of providing cross-border and remittance payments for marginalized communities in the MENA region.
Business Data
Status: Active
Constituency Served: Underbanked, creatives, low income people, small business owners
Networks: USDC, Stellar
Known Investors: Village Capital
Additional References: N/a
Business Model
Empowch generates revenue through transaction fees on payments made through the platform.
Traction
Empowch hit 700 total users May 2023. As of April 2024, Empowch had been piloting a tokenization service in Lebanon, that allows users to instantly tokenize and de-tokenize USDC on the ground through a network of peer-to-peer facilitators known as CONNECTORS.