WILMINGTON, Del., March 27, 2019 /PRNewswire/ -- Monetran LLC, an internet fintech company based in Delaware, has announced that on March 25, the company successfully transferred funds through its proprietary app to a recipient in sub-Saharan Africa. This development is critical because the app forms the most important part of the Monetran system and gives the company the ability to accept payments and to transfer them internationally.
Monetran plans to enter the remittance market, which is currently estimated to be worth more than $600 billion globally. The company intends to service select markets from the outset such as the U.S. to Mexico remittance market, which saw nearly $30 billion sent south of the border last year. In one model, a 3% market share would translate into approximately $20 million annually based on Monetran's current fee schedule. According to company documents, this is an immediate goal of the firm.
"This development is something we've been looking forward to for a long time," Monetran CEO Don Bielak said. "This brings us to the brink of being able to make international money transfers at a fraction of the cost many of our biggest competitors charge. We expect that with a few refinements we will soon be ready to go full bore."
As part of its system, Monetran has developed an asset-backed, redeemable stable token called Moneda. Moneda tokens serve an essential role in the underlying process which makes the transfers possible.
The project has been built on the lightning-fast Stellar blockchain, making the transfers by Monetran equally rapid as a result. In addition, Stellar is extremely economical, enabling Monetran to make transfers at up to 70% less than competitors.
Monetran is offering equity units, comprising a share of ownership in the company plus a token, to both U.S. and foreign investors through an SEC Regulation Crowdfunding campaign administered by Start Engine, one of the largest companies in the industry. Information on the investment can be found at www.startengine.com/monetran-llc and general information concerning Monetran appears on the company website at www.monetran.com.