Pademobile, Plug and Play’s Hottest Company of the Month, is the easiest way to send money anywhere in real time. With a simple text message you can send money instantly to any phone in the US or Mexico. Pademobile’s platform is compatible with any cellphone model that is SMS enabled, the only thing that you need is the ten digit telephone number of the person you want to receive money.
The idea for Pademobile was hatched around ten years ago when founder and CEO Raul Nogales was working a career in the financial sector of Spain. He had the opportunity to visit a number of smaller countries that lacked banking infrastructure, and it was during that time that he noticed the emerging problem of financial exclusivity.
When he arrived in Mexico he planned to create a platform through which locals would be able to send money from their bank accounts using their cell phones to recipients who would, in turn, be able to withdraw money from an ATM without using a card. However, he quickly realized that this idea was not nearly enough to account for the entire unbanked population of Mexico, that “the general population didn’t need the last link in the chain, they needed the whole chain.” His service was limited by the requirement of a bank account, and he needed to find a way to “democratize” the financial model. In an effort to find a solution, Raul founded Pademobile in Mexico about four and a half years ago as an alternative solution to common banks.
Pademobile is a mobile financial platform that “transforms a cell phone number into a digital wallet” that can be topped up using a prepaid balance, credit and debit cards, or Bitcoin. The entire platform is based on SMS, which makes it universally available to cell phone users rather than limited to smartphones. Since implementing the business model in Mexico, Pademobile has grown to almost 3 million users at more than 20 thousand physical points of operation.
Raul’s main goal following Pademobile’s success in Mexico has been global expansion. He has planned on an international model for his platform since its inception, and he became acquainted with Plug and Play in an effort to realize this goal. He relocated Pademobile headquarters to Plug and Play’s Silicon Valley facility to begin what he has referred to as a ‘learning phase.’ According to Raul, “Plug and Play and its team has had a fundamental role. We found the location and the environment perfect for us, where we have been able to learn and where we have found an ally at the right moment to take this significant step of moving towards an international model.”
Pademobile’s model provides a perfect solution to an emerging problem that affects millions of people across the globe. Their platform stands as an excellent model for international implementation, and at Plug and Play we are proud to play an instrumental role in the company’s imminent expansion. To find out more about Pademobile, check out their website.
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