Summary: Chimoney's participation in the Google for Startups Accelerator Canada program has been a transformative journey filled with growth, learning, and innovation, highlighted by invaluable mentorship from industry leaders, technical project support to enhance our capabilities, and deep dives into various business areas, all of which have contributed to strategy enhancement and successful product launches, including a program for startups, an FDIC-insured bank account partnership, a new payment feature called Payment Requests (formerly Metaward), and impressive growth with a 4,500% increase in transactions, indicating a bright future ahead as we continue to expand our impact globally and encourage other Startups to consider the remarkable opportunities provided by the Google for Startups Accelerator Program.
Hello and welcome to the Chimoney blog! Today, I will take you through our journey with the Google for Startups Accelerator (GFSA) Canada program and I will share our Google for Startup Application process for Startups considering joining the program. The weeks we spent in the program were a period of immense growth, learning, and innovation, and we're excited to share our experience with you!
First, let's delve into who we are at Chimoney. Based in Toronto, our startup builds a Payment Infrastructure to Make Value Move globally. We leverage advanced technologies, including artificial intelligence (AI) and machine learning (ML), to offer hyper-personalized payout and offramp products that connect multiple payment options like Bank rails, Mobile Money, Gift cards, Mobile Wallets, and so much more. Our mission is simple yet profound – to unlock economic opportunities for everyone, everywhere.
Our ambition is to build a truly connected global financial network. This vision has led us to establish connections with banks in 40 countries, thousands of unique gift card products globally, and mobile money and bill payments in 20 countries. With these connections, we help businesses and developers move value between different currencies, countries, asset types, and ledgers.
The Google for Startups Accelerator Canada program has been a significant milestone in our journey. Being one of the 12 Startups selected for the 2023 Canada cohort of this program allowed us to tap into a wealth of resources and learning opportunities.
Some of the highlights of the Google for Startups Accelerator Canada Program for Chimoney are:
The mentorship component of the Google for Startups Accelerator Canada program is one of its most invaluable aspects. Under this initiative, we at Chimoney had the chance to work directly with seasoned industry leaders and Googlers who shared their wealth of knowledge, experience, and insights with us. These mentors guided us through the complexities of growing a Startup, from strategic decision-making to overcoming operational challenges. They helped us navigate the business and sales landscape, identify opportunities, and anticipate potential pitfalls, ultimately steering us toward success.
The technical project support provided by the program is another crucial benefit that significantly boosted our growth. As part of the Programme, we were granted access to Google Cloud benefits and expert training for Google Engineers, which enabled us to address our most pressing technical needs and enhance our AI and ML capabilities to build recommendations into one of our products. We explored new technologies, implemented cutting-edge solutions, and optimized our systems for improved functionality and user experience. The support we received not only fueled our immediate technical growth but also equipped us with the skills and knowledge to tackle future technical challenges independently.
Lastly, the deep dives were an integral part of our learning and growth during the program. These sessions allowed us to delve into specific business areas, from product design and customer acquisition to leadership and team development. In these intensive and hands-on workshops, we had the opportunity to scrutinize our strategies, processes, and performance in detail. We analyzed our strengths and weaknesses, learned new tactics and methodologies, and gained deeper insights into our market and competition. These deep dives fostered a culture of continuous learning and improvement within our team and played a vital role in shaping our strategic direction.
Our journey with Google was punctuated by significant developments in Chimoney’s products and offerings. Some exciting new features and products and growth we announced include:
Chimoney has launched a new program for startups providing them with access to leading technology, resources, and mentorship. This includes 6 months of fee-free access to Chimoney's API, Chimoney's Global Bulk Payout service, and the ability to embed Unispend, an online marketplace, into their own web or mobile app. The program is designed to assist startups that have received less than $1 million in external funding or were founded within the last three years. Startups can leverage Chimoney's API to convert payments from multiple currencies and cash out to various payment options in 15 countries. Popular use cases include building payment solutions, providing wallet features to users, and sending global bulk payouts without a subscription fee.
Earlier this year, Chimoney announced the launch of its FDIC-insured Bank account in partnership with Mozrt (formerly, WireFX). This partnership provides Chimoney’s corporate clients the ability to seamlessly fund their Chimoney-enabled bulk payouts to community members, employees, contractors, and brand ambassadors around the globe. This is just one of how we are committing ourselves to scale Chimoney’s impact and security globally.
Chimoney introduced a new feature called Metaward which simplifies the payment process for enterprises, community leaders, managers, and event organizers. Metaward provides a unique Payment Request Link that users can share, allowing recipients to request payments through a secure portal. The feature is designed for convenience and security and is particularly beneficial for individuals or organizations that need to process large amounts of payout requests on a regular and recurring basis.
We announced significant growth in the first quarter of 2023. The Chimoney platform experienced a 4,500% (45x) increase in transactions, saw user accounts grow by 600%, and expanded payout and redeem options, including support for additional currencies, countries, wallet types, and tokens. We also integrated over 500 million products from Amazon and Shopify, enhancing our e-commerce capability. Our growth is made possible by our platform's continued product expansion, user experience improvements, and value provision to its users. Amidst this growth, Chimoney has also improved its security to increase user trust and continues to commit to user needs.
Our journey through Google for Startups Accelerator Canada has been one of tremendous growth and innovation. And we are not stopping here! We are continually striving to scale our impact, product, revenue, and coverage to 100 countries.
We strongly recommend all Startups consider the Google for Startups Accelerator and look out for the next Google for Startups Accelerator Application because it is an incredible opportunity to learn from the best in the industry, accelerate your growth, and make a real impact on your target market.
If you'd like to learn more about Chimoney or the Google for Startups Accelerator program from an Alumni, book a meeting with me at cal.com/uchibeke/learn-about-chimoney. We'd be more than happy to share our experiences and guide you through the Google for Startups Application process.
Thank you for your continued support. Here's to creating more economic opportunities for everyone, everywhere!