Hussain Elius is best known as the co-founder of Pathao, one of Bangladesh’s top ridesharing apps. For his latest startup, however, Elius is exploring the world of DeFi with Wind.app, a self-custodial, smart contract wallet with three main features.
Wind.app’s Features
Wind.app enables businesses to send payments to remote employees around the world. It also allows people to use Wind.app as a virtual bank account. Additionally, the company is building on-ramp/off-ramp infrastructure to enable users to change their crypto holdings for fiat or vice versa.
Success and Funding
So far, Wind.app has facilitated over $3 million in annualized gross transaction volume (GTV) within a few months of its launch. The Singapore-based startup announced today that it has raised $3.8 million in pre-seed funding co-led by Global Founders Capital and Spartan Group, with participation from backers like Saison Capital, Alumni Ventures and Tiny VC.
Background and Inspiration
By the time Elius left Pathao, it had become one of the most dominant consumer tech companies in Bangladesh and Nepal, offering food delivery, payments and BNPL, aside from ridesharing, and gaining investment from backers like Gojek. During the COVID pandemic, Elius began exploring crypto. But he realized how hard it is to use for people who, unlike him, do not have a tech background.
“I’m a tech-savvy person. If it takes me seven to 10 days to figure out things like MetaMask, gas fees, private keys, public keys and mnemonics, from me coming from a consumer tech background and going into crypto, I realized that crypto is still for nerds,” he said.
Wind.app’s Unique Features
Elius decided to build an app accessible to people with minimal blockchain and crypto experience. For one thing, users don’t have to deal with gas fees. And they also store their money in stablecoins, since bitcoin is too volatile. Instead of using private or public keys, users can sign up for Wind.app with their emails or phone numbers.
Target Market and Expansion
Wind.app is starting off by targeting freelancers and remote workers for payment, especially in Southeast Asia. It’s live in the Philippines, India and Bangladesh, and plans to enter more countries. Many of its early customers are other web3 startups. “It’s easy to get our value proposition across to other web3 companies because they get it from day one,” Elius said.
Competitors and Differentiation
Elius says Wind.app differentiates from Wise or Payoneer because it uses blockchain for settlement and is able to charge lower fees. Another benefit is being able to open an account quickly because Wind.app’s self-custodial wallet doesn’t require advanced KYC.
Future Plans
“Eventually, we want to go down the ladder and target the underbanked segment, who don’t have as much KYC information anyway, to give them a very easy way to start accepting money,” says Elius.
Conclusion
Wind.app has made significant progress in a short period of time, and its unique features and approach to DeFi make it an attractive option for those looking for a user-friendly and secure way to manage their crypto assets. With its new funding, Wind.app is poised to continue its growth and expansion, and it will be interesting to see how the company evolves in the coming months and years.
FAQs
Q: What is Wind.app?
A: Wind.app is a self-custodial, smart contract wallet that enables businesses to send payments to remote employees around the world and allows people to use it as a virtual bank account.
Q: What are the main features of Wind.app?
A: The main features of Wind.app include enabling businesses to send payments to remote employees, allowing people to use it as a virtual bank account, and building on-ramp/off-ramp infrastructure to enable users to change their crypto holdings for fiat or vice versa.
Q: How does Wind.app differentiate from other companies in the same space?
A: Wind.app differentiates from other companies in the same space because it uses blockchain for settlement and is able to charge lower fees. Additionally, its self-custodial wallet doesn’t require advanced KYC, making it easier to open an account quickly.
Q: What is the target market for Wind.app?
A: The target market for Wind.app is freelancers and remote workers for payment, especially in Southeast Asia. It’s live in the Philippines, India and Bangladesh, and plans to enter more countries.
Q: What is the future plan for Wind.app?
A: Wind.app plans to target the underbanked segment, who don’t have as much KYC information anyway, to give them a very easy way to start accepting money.
