London, UK – BABB, a UK-based fintech company, has achieved significant milestones since its establishment in 2018. The company’s mission is to promote financial inclusion and end socio-economic inequalities by providing inclusive financial services to everyone, regardless of their origin, background, or socio-economic status.BABB is a financial services app that seeks to address the challenges faced by 1.7 billion unbanked people in accessing basic banking services (which of those 30 million are immigrants and asylum seekers). Banking regulations make it difficult for these individuals to open a basic bank account which slows down their economic participation and hinders their ability to establish themselves financially.
BABB aims to make financial inclusion plans a reality, the company launched its MVP in April 2020, and as of today, the BABB app has over 132,000 registered users in more than 70 countries. Through cutting-edge technology, the company provides P2P transactions across international borders without the need for costly and complicated third parties. Users of the BABB platform are not required to submit their proof of address, they also appreciate the fact that the P2P transfers go in less than a second and are free of charge.
Despite significant fluctuations caused by COVID-19, the global crypto crisis, and regulatory frameworks, BABB has overcome the obstacles and now holds two UK Financial Conduct Authority licences. Back in 2022, BABB introduced a ground-breaking CurrencyX project to bridge the gap between traditional banking and Blockchain-based financial services. Also, the app’s payment system and security have been improved in the same year with the introduction of The First UK Hybrid BABB Accounts. In 2023, BABB made it possible for consumers in 70 other nations to open Hybrid GBP Accounts and have debit cards.
According to CEO Rushd Averroes, “We are proud of our achievements and excited about our plans. We are working towards a financially inclusive society in which no one is left out, and we believe that our revolutionary BABB app powered by blockchain technology is a significant step towards achieving this goal.”
BABB’s future plans include launching its own blockchain network, ReDeFi, expanding the number of trading pairs available through CurrencyX, EU Hybrid BABB Accounts and introducing additional financial services like Hybrid Business BABB Accounts. The tokenised fiat currencies provided by CurrencyX capability will be used by BABB App users and partner services in underdeveloped nations to provide easy and cheap cross-border peer-to-peer money transfers.
The success of this startup in fundraising and achieving significant milestones has positioned the company as a leader in the fintech industry, with a focus on promoting financial inclusion and ending socioeconomic inequalities. The company’s innovative financial services app has received widespread recognition and is poised to make a significant impact on the financial services industry.
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