BlueMax Networks is a mobile-first money transfer company that offers no cost transfers for cash-based remittance senders in the United States and offers a platform for merchants to issue coupons and vouchers to this cash rich consumer segment. Through the BlueMax solution, remittance senders can enjoy increased purchasing power of monies received. In other words, $100 sent yields $100 received along with $20 in coupons.
BlueMax generates revenue from cash-out fees and a 2.5% transaction fee for settlements across its merchant network. Launched in Guatemala ($5 billion in annual remittances) in 2014, BlueMax currently has 4 employees and is acquiring 20 merchants monthly and is rapidly growing its user reach with 21,000 as of May, 2015. BlueMax began generating revenue in October, 2014 – 9 months after company launch.
BlueMax is founded by a team with 100+ years of collective experience in fintech, wireless, big data analytics, and tech-based startups.
Mobile Wallet for Remittance Recipients
Remittance senders in the United States, through BlueMax money transfer services, direct monies into recipient’s BlueMax mobile wallet. This wallet contains the coupons and vouchers that increase purchasing power of monies received. Basic bills can be paid through this mobile wallet as well. Merchants access a website to administer coupons/vouchers.