MIDDLEBURY, Conn. and NEW YORK, May 3, 2017 /PRNewswire/ — BillMo, LLC, a US-based company that provides a low cost money transfer and mobile wallet application, announced today it is a finalist in the Benzinga Global Fintech Awards, an annual competition for companies of all sizes to present innovations to capital markets. Winners will be announced in New York on Thursday, May 11 at the Benzinga Global Fintech Awards Gala, a celebration of Fintech innovation that is specific to capital markets, payments, insurance and financial institutions. The awards are hosted by Benzinga.com, a leading financial media and research publication site.
BillMo is a finalist in the Best Under-banked or Emerging Market Solution category.
“Since launching at the start of 2016, we have gained tremendous momentum and growth and are successfully competing with the largest players in fintech today,” said Steve LaBella, BillMo’s CEO. “This is our second award nomination in the past few months, both by highly respected global organizations. We are thrilled to be recognized and our solution validated by these industry leaders.”
“Moreover,” LaBella continued, “these nominations, combined with our fast growing user base and expanding presence in Latin America, are solid indicators that not only is our BillMo application meeting a tremendous need in the remittance space, but we are delivering a solution that is valuable and empowering to tens of thousands of people in their day-to-day lives.”
BillMo has flipped the business model of a $60 billion Latin America remittance industry. Instead of imposing large fees on money sent, BillMo generates revenue through the recipient’s use of funds transferred. No other player offers more value to both the sender and the recipient than BillMo. For money recipients, the BillMo application turns Smartphones into mobile wallets, opening up new paths for electronic uses of the received funds. Through the mobile wallet, Mexico-based* recipients can use received funds for cash withdrawal, top up for any prepaid mobile phone, bill payment or retail purchases.
*BillMo is currently available in Mexico with Guatemala launching in Q2 2017 and other locations in Latin America to soon follow.