Moolahgo: Providing Secured, Reliable and Affordable Financial Services to Everyone
John Hakim, CEO, Moolahgo
The world of business is transforming rapidly as Fintech solutions change the way payments are channeled and received. Many developed countries around the world are moving towards cashless societies while the expectations of the consumers are increasing, they demand secure and reliable payment functions. Headquartered in Singapore, moolahgo is a leading Asian FinTech firm that delivers fast, fair, and affordable financial services to anyone and everyone. Mr John Hakim (CEO) and Mr Jodi Junan (CTO) founded the company in 2017 with this vision in mind. “Having spent most of my life in the traditional banking industry, I have personally witnessed how some segments of society are deprived of access to basic financial services like account opening,” says, Mr. Hakim. In2017, the concept of peer-to-peer currency marketplace was non-existent and unchartered ground, and the duo decided to address the unmet market with the inception of moolahgo.
The company started with just 3 people and currently, it has a solid team of close to 30with exponential year-on-year growth and has achieved many milestones including hitting the S$0.5Bn gross transaction value mark and achieving positive cash flow by the end of the 2021 financial year.
Outstanding Products and Services
Backed by one of Asia’s largest conglomerates, the Lippo Group, moolahgo has grown from servicing businesses across diverse segments to providing digital payments in an eWallet for consumers. For the business-to-business (B2B) segment, moolahgo helps companies streamline finance operations with its API integration suite which is customizable to the business needs and operation model. With the web-based solution, moolahgo opens doors to companies of various sizes, from startups to SMEs to large corporates and even listed companies. As cross-border payments can be a complex, slow and costly process, moolahgo has access to a payment network of more than 1,000 banks and agents in 40 countries that supports its platforms.
Businessescan significantly reduce manual workload and human errors through automation of their international transactions by linking their accounting software to moolahgo’s cross-border payment platform. Alternatively, they can sign up as a user on the platform to initiate payments, process transactions in bulk with the option to pay or receive payments in multiple-currencies.
“Our unique exchange rate multi-sourcing technology selects the best rates for our customers. Every business is unique, we believe there is no one-size fits all type solution for customers. We structure our solutions and fees based on their business needs and this translates to real cost-savings to customers,” asserts, Mr. Hakim. Customers see moolahgo as their partner for digitization. The company helps to digitize its financial workflow, global compliance report, and supplier analytics as part of the value-added services to the customers, at no additional cost.
Benefitting the Clients
Technology is just the process enabler, building a reliable and robust platform is a given in this competitive landscape. The customers have trust in moolahgo for being safe, reliable, and accessible. “It is a testament of our trustworthiness when corporates have the confidence in handing over millions of dollars to our care in a single transaction. And it is with this very trust and experience we’ve won from our corporate customers that retail consumers have the confidence in dealing with us,” says, Mr. Hakim. The company holds a strong financial position with paid-up capital above regulatory requirements and maintaining additional security deposits with Monetary Authority of Singapore(MAS).
At moolahgo, even though it is a Fintech company, its customers are Small and Medium Enterprises (SMEs) and many of them struggle while going through digital transformation processes. The team takes on a human-centric approach to handhold them through the onboarding and adoption process, eliminating the fear of using technology and builds trust with the customers. Mr. Hakim affirms, “Our customers find our human touch reassuring, especially in this pandemic where face-to-face interactions are restricted. Our team is always available to connect with them digitally, not a chatbot or automatic answering system. More importantly, we deliver on what we promise to the customers – process efficiency, cost-savings, and reliability.”
Moolahgo is one of the first Fintech startups in Singapore to be granted 5 out of 7 Payment Services Licenses from the MAS to qualify as a Major Payment Institution in Q3 2020, well ahead of many peers in the market.
Future Roadmap of Moolahgo
Currently, moolahgo is expanding into the consumer segment through the launch of the moolahgo eWallet app. Consumers can look forward to enhancements and more features in the moolahgo app. “I believe with the same vision in mind – to provide efficient and affordable financial services to everyone and anyone, we will be able to replicate the same success in the consumer segment,” shares Mr. Hakim.
The company is also gearing up for its Series-A fundraising in early 2022, aiming to raise USD$ 10-20 million. With its knowledge and market accessibility to Indonesia - Southeast Asia’s largest economy with approximately 30% population of youths, moolahgo plans to use the funds to build a differentiated payment platform between Singapore and Indonesia. Singapore is one of Asia’s premier Financial Center and processes trillions of dollars each year. Moolahgo’s strategy to establish a cross-border payments solution between the 2 countries would help to facilitate the large trading volumes between businesses in the 2 countries as well as make consumer payments more seamless. With this, the company aims to reach new heights in terms of transaction value and user base.
“Finally, our team is our most valuable asset. We want to grow the team and the team to grow with moolahgo, making sure that they upskill and continue to bring new ideas to the table,” concludes, Mr. Hakim.