The funding spherical was led by world know-how funding agency Battery Ventures, an investor in a lot of US-based fintech firms.
The service, which claims to saves customers on common 1-6% in transaction commissions per 30 days, is launching initially in Mexico. Higlobe expenses a month-to-month subscription price as little as $4.99 for a US receiving checking account, whatever the variety of transfers made.
“Our mission is to maneuver the world’s cash immediately and for free of charge to assist the more and more world workforce get more cash again to their residence checking account,” saiys CEO and Co-founder Teymour H. Farman-Farmaian, who leveraged his expertise at Spotify to construct Higlobe as a subscription-based funds platform. “Our shoppers solely pay a hard and fast, low-cost subscription for a US receiving checking account whatever the variety of transfers they make.”
Higlobe solely makes use of stablecoins issued by firms which might be regulated and supervised by US federal or state businesses and which might be 1:1 backed by US {dollars} or US authorities treasury securities.
“Higlobe’s distinctive utility of stablecoin is poised to disrupt the worldwide funds trade,” says Battery’s Scott Tobin, who’s becoming a member of Higlobe’s board. “The blockchain gives a secure and speedy resolution to an archaic system that disadvantages so many employees, and by leveraging this new know-how, Higlobe can change the lives of hundreds of thousands of members of the worldwide distant workforce. We’re excited to companion with Teymour and his group to scale the corporate and its providers.”,