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Maps.me raises $50M in Seed Funding, bringing DeFi to a mainstream app and integrating a token economy with travel services.
By coindesk
An offline mobile map for travelers has raised $50 million in a seed-funding round led by Alameda Research.
Announced Monday, the funding will go toward the launch of a multi-currency wallet on Maps.me and enable a decentralized finance (DeFi) ecosystem on the offline mobile map platform.
Cryptocurrency lender Genesis Capital and institutional cryptocurrency firm CMS Holdings also participated in the round.
According to a press statement shared with CoinDesk, the platform’s wallet is expected to “unlock DeFi tools” for its 140 million users by allowing them to access a range of payment and investment tools in the Maps.me ecosystem.
“By embedding and democratizing access to yield-earning finance to millions of users via an everyday app, Maps.me has the potential to really propel DeFi mainstream adoption,” said Alameda Research’ CEO Sam Bankman-Fried.
The move intends to remove intermediaries and banks from the financing-of-travel equation by enabling users to store value and earn yields of up to 8%. Users will also be able to send and spend money in multiple currencies for cross-border travel, offer cash back on transactions and exchange funds without hidden costs, per the statement.
With its wallet offering, the travel platform said it’s aiming to combat high foreign exchange fees and commissions charged by banks and third-party travel booking providers. Maps.me intends to allow users to make travel bookings directly through its integrated wallet with “near-zero” fees.
The Maps.me app provides offline access to turn-by-turn routing, travel guides, hotel bookings and maps which is targeted toward travelers without cell phone reception or pre-paid phone plans.
“A seasoned developer team combined with a sharp product design has the potential to bring a huge amount of traffic to…DeFi through the Maps.me app,” Bankman-Fried told CoinDesk via Telegram.
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By Andrew Asmakov - Decrypt
Maps.me, an offline mapping application with over 140 million users worldwide, has raised $50 million in a funding round led by Alameda Research, a Hong Kong-based investment firm and liquidity provider. Genesis Capital and CMS Holdings also participated in the round.
According to a press release shared with Decrypt, Maps.Me 2.0 comes with a multi-currency wallet that will combine direct hotel bookings and location services with decentralized finance (DeFi) tools.
Those include a possibility to store value and earn yields of up to eight percent, exchange funds with no hidden fees, send money and spend in multiple currencies for cross-border travel. Another option included is cashback on transactions.
The company says its new app will not only combat high foreign exchange fees and commissions charged by banks and third-party travel booking platforms, but broaden access to finance in general.
But it’s not only travelers who can possibly benefit from Maps.me 2.0. Travel and local businesses will be able to receive payments without third-party platforms while reaching the most relevant clients based on their demographics, location and interest.
"We’re excited to be working with our partners to create a DeFi ecosystem on a platform that has already achieved scale in terms of its number of users, and which will expand services that are closely linked to financial needs,” said Alex Grebnev, co-founder of Maps.Me.
The platform’s utility and governance token is MAPS, which is built on the Solana blockchain. Its holders will be eligible for personalized rewards and services.
According to Maps.me representatives, the platform is particularly popular with millennial Europeans, with over 58% of users coming from the continent and over 70% being between the ages of 18-40. In 2019 an average millennial spent $4,400 for travel-related expenses.
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