LaLa World raises $2M to serve the unbanked

Singapore-based blockchain startup Lala World announced it has raised $2 million in a Series A round to become the ecosystem for the underbanked .

The startup’s digital wallet ‘LaLa Wallet’ allows P2P transfers and lending, global remittances, and local and international bill payment. “The majority of the underbanked face severe challenges as they lack basic banking education. Sending paychecks to their hometown would take weeks and to compound matters, they have to pay various charges, which can be pretty hefty.” – Founder and CEO of Lala World, Sankalp Shangari.

Here’s the rundown of LaLa World: (1) LaLa Lends: domestic and international P2P lending via crypto and fiat, individual and small businesses, (2) LaLa Card: crypto and fiat card synced to one’s Wallet and usable at PoS globally, (3) LaLa Kit: a mobile phone with pre-loaded LaLa Wallet, LaLa Insurance, LaLa Card, Partners’ products, etc., (4) LaLa Bill Pay: local and international bill payments, and (5) LaLa Transfer: a P2P local and global remittance backed by crypto as well as fiat.

Bottom Line: from setting up an office in Q2, 2016 to $1B in revenue come 2020; because it says so here.