Startup enfineo is building an alternative to your usual cryptocurrency wallets with a focus on traditional banking and finance. enfineo guarantees that the platform seamlessly integrates conventional banking with the dynamic world of cryptocurrencies, allowing users to manage their savings accounts, cryptocurrencies such as Bitcoin, Ethereum and other membership cards in one place without extra efforts and cost.
Fully compliant with MiCa regulations, the startup recently raised over $3 million in funding rounds led by a series of crowdfunding and retail investors.
The company aims to remove the complexity from payments all-together, may it be fiat or crypto, as it introduces ‘web3’ elements such as decentralised finance (DeFi), tokenized loyalty programs and more into its very own neo-bank. Clients can create an account using enfineo in a couple of minutes, with a very easy to follow KYC process. They get a current account with an IBAN and an account number, as well as a web3 cryptocurrency wallet – both which are aimed to seamlessly integrate with each other.
enfineo recently started issuing Mastercard debit cards and aims to roll out its own debit cards that will work with Apple Pay and Google Pay. The startup doesn’t charge any foreign transaction fees on top of Mastercard’s exchange rate. Once the cards are rolled out and the user makes a purchase on their card, they’ll receive a push notification on their phone in just a few seconds.
In other words, enfineo ticks all the right boxes when it comes to providing the basic banking features, with a combined benefit of allowing users to navigate through the crypto regulatory landscape at ease. “We’re providing some of the best features from Revolut as well as crypto household names like Crypto.com and Wirex, combining the two worlds into one seamless application that even non-crypto natives can easily use,” said co-founder and CEO Alin George Luca in a statement.
What makes enfineo different from other NeoBanks is that the startup is web3 centric in nature – built on their own infrastructure where you can connect your web3 wallet also. Recent reports suggested the rising interest of Web3.0 in traditional banks with names such as Standard Chartered, CitiBank and JP Morgan embracing cryptocurrency, investing into various platforms and incorporating several features into its own. And that’s just the tip of the iceberg, as many more aren’t necessarily as renowned but are still increasing support towards crypto-friendly schemes.
With its own native $ENF cryptocurrency token, the project hosts a range of utilities such as gamified cryptocurrency rewards for enfineo account holders, cashback on transactions in ENF tokens and more. “We are committed to continuous improvement and innovation, actively engaging with our community to evolve and enhance our services, ensuring that we stay at the forefront of the rapidly changing financial landscape,” continues Alin. With a total supply of 150 million tokens, the project also allows users to stake their $ENF tokens, which aims to enable a host of benefits including but not limited to free subscriptions on the enfineo app, lower transaction fees, allowlists in various investment pools as well as governance and more.
With enfineo, customers are also promised shorter transaction times and lesser foreign transaction fees. For example, in the UK, bank transfers are powered by Fast Payments, which makes transfers instantaneous, although in some cases, it has been removed to take at least a few hours, or even a few days. enfineo promises to cut that time short to a mere 15 seconds.
“We ensure to maintain the transaction times without compromising on security, which is a massive focus for us. As a neobank that offers crypto and fiat assets, we prioritise the security of our users’ assets and data. Our platform incorporates advanced security measures and adheres to regulatory standards, ensuring a safe and trustworthy environment for financial transactions.”
The startup generates revenue from subscriptions. An account costs £5 per month. The company also aims to allow users the ability to upgrade or downgrade their account tiers, offering complete flexibility, enriching user experience. Still in its infancy stages, enfineo has received interest with more than 5,000 monthly active testers as of January 2024 on its current MVP, with Alpha testing set to go live in Q1 2024.
If you’re familiar with neobanks, you may know that fintech startups also generate revenue from interchange fees. Every time you pay with your card, the card transaction fees are split between the merchant’s bank, the network provider (Mastercard for instance) and the customer’s financial institution (enfineo in that case).
In the future, enfineo plans to introduce spending pockets, offering users the ability to link cards to specific spending categories and share these pockets with others for streamlined budget management. Users can create a spending pocket and use their crypto and fiat in one go. For example, if you buy a laptop that costs 2000 usd, and you only have 500 usd, the remaining amount is being taken automatically from crypto currency you have added in that spending pocket, its converted and it goes in one patent, so you don’t have to make 2 payments for the same product. The company is evaluating and handpicking all the financial products that are going to contribute to the basket of investments because certifications aren’t enough when it comes to funds.
Neobanks have been around for a while and many people are now familiar with the concept. A few years ago, many entrepreneurs wanted to start a “neobank for x,” but that trend faded away. enfineo arrives on the market a bit later but could also avoid all the pitfalls that come with running a neobank, while combining the world of cryptocurrency with traditional banking.
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