Blaze
Setting the Scene
While there is a Venmo or similar type of payments platform in every market, there isn’t a singular platform for all markets.
Downfalls of current global money transfer platforms include:
Compatibility issues: Apps that work in one country often aren't compatible with apps in another.
Exorbitant fees: Services charges, hidden costs, or inflated exchange rates get expensive.
Cumbersome UX: Complex verifications, multiple steps, and long processing times can often create friction.
This week’s company enables individuals to pay anyone anywhere with any currency.
In a Sentence
Blaze is a global payment app, for users and businesses to instantly send and receive money to anyone at low-cost transactions.
Global: Global payments are made simple by accommodating multiple languages, currencies, and payment methods.
Businesses: Blaze enables a network of travel-related businesses to accept payments and reach a customer base of global citizens.
Instantly: Built on Blockchain technology, Blaze enables lightning fast money transfers, completing transactions in a matter of seconds.
Bulleted Version:
- Blaze has built a global Venmo for cross-border payments, enabling users to pay anyone, anywhere, with multiple currencies.
The Basics
- Headquarters: Mexico City, Mexico
- Employee Count: 5
- Investors:
- Funding amount: $960k and gearing up to close the seed
- Business model: Withdraw fees
- Early traction: $6K/week transaction volume, 37 Signed LOIs, 3,000+ on Consumer Waitlist, Secured VASP in EU and MSB in US, Live in Mexico and US, Upcoming launches in Columbia, Brazil, and Argentina.
Due Diligence
WHAT WE LIKE
Market Opportunity: The cross border P2P payment market is expected to reach $9T by 2030, positioning Blaze to successfully fulfill consumer demand by providing a scalable solution for global money transfers.
Go to Market: Blaze’s initial target market are the 320M digital nomads and expats, which at a few withdraws a year could be billions in revenue.
Beyond P2P: The platform enables a network of travel-related businesses to accept international payments, tapping into a broader network with additional revenue streams.
POTENTIAL RISKS
Adoption: Despite low-cost transaction, gaining widespread adoption for a new payment tool can be challenging.
Regulatory Uncertainty: Cross-border payments are subject to complex and evolving international financial laws, which could create challenges for Blaze’s expansion.
Competitive Pressure: Major financial institutions and fintech giants are continuously improving their cross-border payment solutions, creating, which could make it harder to capture market share.
Founder Profile
Faiyam Rahman, CEO: Bachelors in mathematics and masters in engineering, previously built a $1M AAR startup.
Luc Succés, CTO: Previously tech lead at Spotify and Artsy, 2 time VC backed founder: 1st hitting #1 on App Store, 2nd scaled to $1M AAR.
Igor Zagnieński, Head of Design: Previously lead designer at BitPanda and co-founded Space Individuals.
Comps
Sling.money: Backed by Union Square Ventures, Ribbit Capital, and Slow Ventures.
Wind.app: Backed by Global Founders Capital, The Spartan Group, XRPL Accelerator, and others.
Why Blaze
By enabling seamless cross-border payments, this company is set to be a trailblazer in the money transfer industry, delivering the best payment experience possible for all geographies.