A wide variety of remittance solutions at a reduced cost
Applicant name: GoMama
Innovation Name: GoMama
Innovation Type: Solution
Website: https://www.gomama.io/
Mission: Our mission is to give our customers a wide variety of remittance solutions at a reduced cost.
Innovation Description: GoMama will provide cross-border payment solutions to serve unbanked and underbanked populations within Latin America, the Caribbean, and the United States. Our service will allow users in the United States to transfer money, pay bills, recharge mobile phones and load prepaid debit cards on behalf of recipients in Latin America. GoMama’s service will ensure that remittance payments are fast, secure, and cost effective. Our advantages are the number of banks, bill payment companies, and carriers we have relationships with.
Status of Innovation: Pilot
Innovation Active Since: 07/21/2019
Applicant Type: Private Company
Headquarter City: New York
Headquarter Country: New York
Year Founded: 2018
Main Category
Main Category Choice: Remittance Synergies
Why do you think you should win this category?:
We have developed a large network of companies throughout Latin America for our bill payment service, including utilities, universities, and telecommunications amongst many others. Direct bill payments allow for users to have more control over their funds and experience a higher level of money transfer convenience.
There are still a significant amount of people in our target countries that are using cash to pay bills. Our direct bill payment service will offer our international users more convenient alternatives compared to cash, as many Latin American countries have yet to digitize their own bill payment. Our partner in the Dominican Republic has 15+ years of experience in this space, which we will be able to leverage. What makes us different is our exclusive international rights to the largest bill pay aggregator in the Dominican Republic as well as the direct connections we have built out to gas stations and supermarkets. Xoom has 66 bill pay companies they work with. We work with over 100.
Secondary Category
Secondary Category Choice: Remittance Synergies
Why do you think you should win this category?
In addition to utilizing traditional technology and infrastructure, GoMama will leverage blockchain technology for cross-border payments, increasing speed and transparency while lowering costs, primarily for the marginalized populations often left out by their limited access to the banking world. Our user demographic is most likely unfamiliar with blockchain technology. In order to not impede the adoption of our service, we will abstract the blockchain details from our user as to not confuse them and create distrust. The user’s funds will be held in USD, and be paid out in the local currency of the country they are transferring to. Blockchain technology will only be implemented in the backend transfer process to increase speed and efficiency. We have been in discussion with both Ripple, Dash and the Stellar Development Foundation whose strong solutions can be seamlessly integrated into our remittance service.
Team Members
Full Name: Benjamin Stolman
Role: Lead Business Strategist
Linkedin: https://www.linkedin.com/in/benjamin-stolman/
Full Name: Eric Ramos
Role: CEO
Link: https://www.linkedin.com/in/pureminutes1/
Full Name: Darin Frank
Role: COO
Link: https://www.linkedin.com/in/darinfrank/
Full Name: George Pastrana
Role: CFO
Link: https://www.linkedin.com/in/georgepastrana/
Supporting Links
GoMama Wins Malta Blockchain Summit Top Prize: https://www.forbes.com/sites/geraldfenech/2018/11/06/malta-blockchain-summit-a-great-success-the-country-is-on-the-blockchain-radar/
Entry Representative
Full Name: Benjamin Stolman
Role: Lead Business Strategist
