JoomPay Europe S.A., a Fintech developing a social finance app aimed to enable money transfers across Europe, has obtained a Luxembourg Electronic Money Institution (EMI) license. Upon receipt, JoomPay will be able to serve clients across the European Union.
JoomPay believes that Europe lacks simple peer-to-peer payments solutions such as Venmo or Square Cash App that are popular in the US. The company seeks to fill this void.
Joom claims to be one of the fastest-growing shopping applications in Europe with 150 million downloads across the region. The JoomPay app allows users to send and receive money from any person, regardless of whether they use JoomPay or not, with only an email address or a phone number.
JoomPay connects to any existing debit/credit card or your bank account and provides money transfers. JoomPay also provides its users with a European IBAN and an optional free JoomPay card with exceptional cashback and bonuses.
“Since COVID-19 started, we’ve seen a significant decline in cash usage. People can’t meet as easily as before but still need to send money, and we offer a viable alternative”, Yuri Alekseev, CEO and co-founder of JoomPay, says. “The whole world goes online and we consider this as an opportunity for further development”.
JoomPay public beta version is available now for download in the Apple App Store and Google Play Store. Joom reports that JoomPay currently has over 15,000 clients. The company will release the new version of the app under its own license to the general public later this winter, planning to continue improving the app and add new features in the near future.