The funding spherical was led by international expertise funding agency Battery Ventures, an investor in quite a few US-based fintech firms.
The service, which claims to saves customers on common 1-6% in transaction commissions monthly, is launching initially in Mexico. Higlobe prices a month-to-month subscription charge as little as $4.99 for a US receiving checking account, whatever the variety of transfers made.
“Our mission is to maneuver the world’s cash immediately and for free of charge to assist the more and more international workforce get extra money again to their residence checking account,” saiys CEO and Co-founder Teymour H. Farman-Farmaian, who leveraged his expertise at Spotify to construct Higlobe as a subscription-based funds platform. “Our shoppers solely pay a set, low-cost subscription for a US receiving checking account whatever the variety of transfers they make.”
Higlobe solely makes use of stablecoins issued by firms which can be regulated and supervised by US federal or state companies and which can be 1:1 backed by US {dollars} or US authorities treasury securities.
“Higlobe’s distinctive utility of stablecoin is poised to disrupt the worldwide funds trade,” says Battery’s Scott Tobin, who’s becoming a member of Higlobe’s board. “The blockchain offers a secure and speedy resolution to an archaic system that disadvantages so many staff, and by leveraging this new expertise, Higlobe can change the lives of hundreds of thousands of members of the worldwide distant workforce. We’re excited to accomplice with Teymour and his staff to scale the corporate and its providers.”,Higlobe, a US startup based by a former Google and Spotify government, has raised $14 million to launch a subscription-based cross-border cash switch service for freelance staff, utilizing stablecoins to switch cash rapidly.,
