MoneyHop

Intermediary platform that connects E-wallets that would otherwise not be connected.

Harrington Park, NJ, US In Development
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B2B Financial Services Fintech Mobile App Payment
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Summary Problem Solution Industry Landscape
Our mission at MoneyHop is to create a first-out-the –chute solution to an existing pressing need in the current U.S. mobile digital electronic payments marketplace.

What this means is the completion of an App and the backend processing and support structure that will allow any e-wallet to interact with another e-wallet.

Our marketing plan targets individuals who want to transfer funds seamlessly, effortlessly and securely from one virtual wallet to another (e-wallet to e-wallet).

Our system is scalable and our success will be measured by the use of our platform in providing transactions at the initial 1000 client beta level and moving quickly to capture a segment of the Trillion Transaction Global Market
What is common to this marketplace is that users- both buyers and sellers of goods and services or senders and receivers of money – are unable to navigate across the plethora of choices.

There is no interoperability across, for example, E-Wallets. Each operates within its own silo. A Paypal user can buy something from a merchant who accepts Paypal. But a Paypal user cannot buy something from a merchant who accepts any of the other sixty or so other systems. And no merchant or purchaser is likely to download and maintain 60 Apps and maintain and monitor that many digital wallet accounts.

What our research, surveys, and actual e-commerce and peer-to-peer transfer experiences have indicated and subsequently verified and validated is that there is a crying NEED for a solution that permits a PayPal user to transact with a user who does not use PayPal.
MoneyHop will permit users of any existing e-wallet to transact with any other e-wallet. It would also provide end-to-end verification that the transaction has occurred. In providing this secure, traceable, instantaneous transfer, it would also lower the costs incurred by users when moving the money, compared to existing systems.

MoneyHop will allow an individual to purchase merchandise online, from peer-to-peer, or at point of sale, by transferring the funds held in one e-wallet to any other e-wallet. It would also eliminate transfer delay, identity theft, high transfer action fees to merchant, monthly/annual fees that would be normally charged through banks by using a credit card.

Also, young adults and much of the “unbanked” community, who do not have access to credit cards, will benefit from this transfer system because they will now be able to receive/transfer money from one e-wallet to their e-wallet of choice.
There is no peer competitor to MoneyHop at the moment in terms of an existing known app or service or combination thereof.

There are competing approaches to trying to solve the fundamental problem.

We have categorized these into two categories:

● Monopoly Application: Several companies with existing e-wallet systems are growing as fast as they can to dominate the e-wallet user market as quickly as possible and create a monopolistic environment where their size is so large that they become the default e-wallet. Their approaches are different but their objectives are similar – become the largest most dominant e-wallet. If everyone uses only one solution then there is no need for a solution that links all e-wallets as there will only be one e-wallet.
● Bank It All: The largest banks in the U.S. have individually, and now in conjunction with each other created and are trying to grow their systems to allow rapid transfer of money in small amounts.

Funding Overview

Angel / Pre-seed
Current Funding Stage
$ -
Raised in Previous Rounds
$ -
Raised in Current Round
$ 1,500,000
Goal for Current Round
Key Facts and Traction Press, Updates and Events
  • A revamp of our core group is has been initiated and we have identified multiple candidates that will be joining.
    March 12, 2020

The Team

Nicholas Restrepo

Founder
Junior at Fairleigh Dickinson University
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