HolyWally raises US$1.4m investment round to scale its white-label digital wallet platform
The funds raised shall enable HolyWally to intensify the R&D, expand the team and also commercialisation efforts to cater to growing market demand (anticipated to hit US$5.5 trillion in 2024).
The HolyWally product (Wallet as a Service) aims to power millions of digital wallets, enabling companies and brands to enter the mobile payments market with a improved time to market, cost-efficiencies and increased revenue opportunities. The company recently became a Visa Fintech Connect and Microsoft for Startups Partner, and has supported number of their clients in the APAC region.
HolyWally has also partnered with M-DAQ to launch their digital wallet product across South-East Asia in the second quarter of 2022. The white-label M-DAQ digital wallet will be powered by M-DAQ’s back-end capabilities. M-DAQ , with its proprietary best-in-class FX solutions, provides businesses in various industries the capability to facilitate cross-border transactions. The company has embarked on an inorganic growth plan to capture market opportunities.
John Rutledge, CEO at HolyWally, said:
"We are very exicted to raise a pre-seed round within a year of starting our journey. This is a great testament to our product. We believe we have built a superb digital platform (white-label wallet-as-a-service solution) that enables everyone to launch fintech products to make use of the payments ecosystem via HolyWally highly functional rich and flexible digital wallet platform."
"We've created HolyWally in 2021. with an idea to make wallet building and connecting fintech services easier for any business, small or big. Our goal is to enable anyone to launch a digital wallet in matter of weeks, and scale it in matter of months."
HolyWally is real-time (Wallet as a service) a digital wallet platform an whitelabel solution that works with banks, fintech companies and retailers to serve their clients holistically.
Making digital wallets is expensive, extensive and difficult to scale for most companies. So HolyWally while-label solution is now their gateway to offering their customers greater experiences when making payments.
HolyWally allows companies to create and test unique digital wallets in real-time. This no-code platform revolutionizes wallet building by making it easier to design, build and deploy wallets in weeks or months. HolyWally enables business owners to launch services such as FX, remittances, rewards, customer engagement, e-commerce, expense management, and payroll and insurance via the wallet.
The platform connects banking services to a broad array of other financial services and presents them to consumers in a format that is easy to use and meets their demands. It emphasizes the critical aspects of running a business, such as customer engagement, commerce, expense management, and payroll.
Business owners can therefore adjust their solution based on current feedback, and once they go into production, they can be confident that customers will like and use their platform. It also allows adding several financial and non-financial services such as fx, remittances, rewards, and insurance to the wallet.
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References: Allied Market Research - Mobile Payment Market Outlook - 2027