HUMBL LLC is a financial services company that travels with you beyond legacy systems, traditional bank branches, and physical borders. right from your mobile phone.
Tech
HUMBL
Meet HUMBL
HUMBL is a mobile, financial services company that is disrupting traditional banks, wire services and exchange houses in the emerging markets such as Latin America, Africa, Oceania and the Caribbean.
HUMBL has developed a contactless, mobile wallet ("HUMBL") for customers, as well as a merchant-agent software solution ("HUMBL Hubs") that helps reduce the cost of sending, receiving and exchanging money.
HUMBL works seamlessly across banks, cards and borders - and is already signing agreements with channel distribution partners such as retailers, payment processors, wireless companies, banks and governments.
Why is your company the best option to solve the problem you're solving?
Banks, wire services, exchange houses and roadside finance are running on: 1. Dated, legacy technologies 2. Disparate pricing schemes 3. Lack of quality control Traditional barriers to entry were cost, technology, regulatory and compliance - which have been unlocked by new fintech service providers that we are bundling into the HUMBL solution.
What nuggets of info make you interesting? Why do people care about what you're doing?
We were featured by the United Nations 2030 Agenda as a spotlight company because we are disrupting industries that have been running on the same financial services systems for 30 years. We reduce the cost and barriers of sending, receiving, exchanging and using money - which are critical GDP inputs for emerging markets countries.
What else do you want us to know?
We are finding that interoperability is critical. Financial services technologies will work across banks, cards and borders more cohesively in the future - and we are helping drive that. Other examples: Stripe merchant processing ($36B valuation, Plaid - $5.2B acquisition by Visa - plugin banking API's to apps). We take inspiration from these valuations. We make money through: a) transaction fees, b) processing fees, c) foreign exchange fees, d) lending fees and e) Master Agent - country rights sales. We are taking on 500,000 Western Union agent locations with new technologies and better splits.
BEHIND THE COMPANY
CEO/Founder: Brian Foote
What is your company's secret sauce?
An Executive Management and Advisory Team that has "been there and done that" on launching financial services and payments platforms into markets.
What inspired you to start/run this company?
Help 7 billion people use money more effectively when dollars matter. Disrupt legacy vertical markets and governments to improve their financial technology systems and services for consumers, merchants and agents into a more intelligent grid vs. SWIFT. If our patent-pending HUMBL network systems can be accretive to that, all the better.
What's the best entrepreneurial advice you've received?
Keep your burn rate low, find the best people for the roster - survive and advance until you win. No days off.
What's the worst entrepreneurial advice you've received?
That the US market is fully reflective of market conditions in emerging markets - where smartphone adoption, financial and payment services are in very different stages of the growth cycle. Silicon Valley and Wall Street have very different office views than people on the street in LatAm, Africa, Caribbean and Oceania - and the 375 million people using Apple Pay are not the 7 billion other people for whom money, financial service rates and mobile tech access are a very different construct
What sets your company culture apart?
We value each other, run very lean on our operating budget and play to win.
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