Fama Cash

Mobile banking solution

Company Information

Website:

http://www.famacash.com/

Sector:

Internet Software & Services, Financial Services Software

Location:

Alpharetta, GA

Famacash believes it’s developed a better solution to mobile banking.

Unlike platforms such as Apple Pay and Google Pay, Famacash enables consumers to use multiple financial services on any phone, and to connect anywhere around the world.

What can you do with Famacash?

• Send money to someone locally or internationally
• Buy airtime minutes for families in 200 countries
• Pay bills
• Send gift cards locally or internationally
• Receive coupons and deals from favorite merchants
• Visit agent/merchant locations to load cash into your Fama account
• Withdraw cash from your Fama account

It’s creating what the founders of Famacash call a “mobile and open digital marketplace,” a way for people to connect and use financial services around the globe.

Imagine paying for your morning cup of coffee right from your mobile phone, even if it’s not a smart device. Or how about taking advantage of your local supermarket discounts without having to spend hours clipping coupons? Or maybe you’ve reached the register only to realize you’ve forgotten your wallet, but can simply pull out your phone to complete the purchase...

With Famacash, these scenarios are the goal. Your mobile phone will become your wallet... you'll have a "mobile wallet."

And the market for such mobile payment applications is on the rise. According to Allied Market Research, the industry is expected to reach $5 trillion by 2020. Currently, fewer than 500 million cell phone users take advantage of mobile payments, a figure expected to reach 900 million by 2019. And with more than six billion cell phones in the world, the room for expansion is there.

The fact is, the days of having to use a wire service to send a friend or family member money are dwindling. Instead, consumers are turning to technology. As one Famacash customer praised: “I like Famacash because it is convenient. I don’t have to Western Union’s money center anymore and there are no fees.”

Of course, with an expanding market comes greater competition. But Famacash believes it is ready to meet those challenges head on, using two ideas to separate itself.

For one, Famacash can be used on any mobile device, regardless of model or provider.

And secondly, although companies like Apple and Google have also introduced mobile wallet applications, Famacash believes there is room for a competitor using an "open platform" (one that isn't simply Apple, or simply Google), and one that comes with additional security features.

Fama has a solid 3-year expansion plan. It already boasts the features listed above, but within the next year, Fama hopes to offer restaurant ordering, online booking and the opportunity to use a mobile credit card. And by Year 3, Fama aims to add features that will generate significant revenues.

But it’s the international opportunities that has Fama so hopeful for the future. Currently, Famacash is licensed to send money from the entire U.S. and EU countries, as well as to mobile wallets in Asia and Africa.

Team Background

Hussain Shirazie - EVP - Asia and Middle East

Between January 2012 and April 2016, Hussain Shirazie served as Managing Director for Transactional Banking for Standard & Chartered Bank in Bangladesh, a $140 million business with more than 40 team members.

Shirazie has extensive experience working in Middle Eastern markets, including Saudi Arabia, Oman, Qatar, Jordan and Lebanon.

Prior to his time with Standard and Chartered Bank, Shirazie spent four years with HSBC in Sydney, Australia and five years with Citibank in management roles.

Dr. Saiful Khandker - CEO and Founder

Prior to founding FamaCash, Dr. Khandaker served as CEO of Freebee Pay, a mobile shopping solution that integrated charity payments into its product offering.

Dr. Khandaker also co-founded Beekash Payment Systems, a platform for processing credit and debit cards, e-checks and Bitcoin transactions worldwide.

In addition to co-founding companies, Dr. Khandaker developed software applications for major communications networks, including AT&T, Cingular Wireless and Cox Communications, as well as Delta Airlines and GE.

Dr. Khandaker is the recipient of the Top 5 Mobile Innovation Award in 2011 by Wireless Technology Forum of Georgia, and Top 40 Innovation Award in 2012 by Technology Association of Georgia.

He holds a Doctorate in Organizational Leadership as well as a Master’s in Technology Management.

Rabiul Karim - EVP

Prior to his time with Fama, Rabiul served as Vice President of Baig and Karim, LLC, an investment company based in Wichita, Kansas.

He has been elected chairman of the Federation of Bangladeshi Association in North America and served on the board of directors of Pundra University of Science and Technology and Bangladesh Medical College.

Karim previously held a senior level management position with a large retail chained company (Church’s Chicken).

He earned an MBA from Wichita State University.

Co-Investors

Raising
$1 million
Committed
$30.361K (3%)
Current Valuation
$16.3 million
Min. Investment
$500
Deal Type
Title III
(For all investors)
Offering Type
Equity
Finance History
  • $500K
    2015-07-10
    Unknown
Notable Investors
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