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If you haven't invested yet, this is your last chance. If you have, feel free to invite your friends to join the Coco family and our journey to reinvent remittances!","published_at":"2022-04-26T00:02:01Z","author_name":"Victor Charles","url":"/feed/154957","canonical_url":"https://wefunder.com/feed/154957"},{"id":154712,"entity_id":"wefunder:feed_item:154712","type":"FeedItem::Update","visibility":"public","title":"Raised +$100k so far, about to reach $150k this week🚀","preview":"Thank you all for your support! 2 more weeks to go 🚀","published_at":"2022-04-18T18:43:48Z","author_name":"Victor Charles","url":"/feed/154712","canonical_url":"https://wefunder.com/feed/154712"},{"id":149355,"entity_id":"wefunder:feed_item:149355","type":"FeedItem::Update","visibility":"public","title":"Invest in Coco's new crowdfunding campaign today!","preview":"Hi fam,We are launching a new crowdfunding campaign today! This time we are allocating $400k.Our one and only, prominent Silicon Valley angel investor, Larry Braitmant, is leading the round🚀 If you want to follow on, this is your chance. If not, please share with other investors in your network. Let's go! 🚀","published_at":"2022-04-11T14:28:56Z","author_name":"Victor Charles","url":"/feed/149355","canonical_url":"https://wefunder.com/feed/149355"},{"id":149324,"entity_id":"wefunder:feed_item:149324","type":"FeedItem::Update","visibility":"public","title":"Form C filed","preview":"Español [English below]El Formulario C ya ha sido enviado al Securities Exchange Commission. Esto significa que ahora todos aquellos ubicados fuera de Estados Unidos pueden proceder a colocar el metodo de pago (tarjeta de debito/credito o transferencia bancaria) y asegurar su inverison en Coco. Le invitamos a hacerlo antes de que se cierre la ronda.\u0026nbsp;EnglishForm C has been filed with the SEC (Yaaay!). Add your payment method and secure your investment before the round is filled up.\u0026nbsp;","published_at":"2021-10-06T17:02:41Z","author_name":"Victor Charles","url":"/feed/149324","canonical_url":"https://wefunder.com/feed/149324"},{"id":149271,"entity_id":"wefunder:feed_item:149271","type":"FeedItem::Update","visibility":"public","title":"Crypto liquidity is changing the game. We’re past the “if” — it’s now onto “when.”","preview":"https://techcrunch.com/2021/09/27/crypto-liquidity-is-ready-to-eat-cross-border-payments-lunch/?guccounter=1\u0026guce_referrer=aHR0cHM6Ly93d3cubGlua2VkaW4uY29tLw\u0026guce_referrer_sig=AQAAAJo-vf68I0NMFRBpDNkT6e40avZYMRfObiv0ozlh6ZVF7CCCaK9vjWxyP59uemoeWXrpD673msHm-aJ_B522Ealo0NrI4R8lRshxby7yFl8nbMS_yLNJfQZCC9JWmPHDXwaHEhKwO2Je3xv-1BsJbwc8tOVLBsTrlUCjAHyfV2HL","published_at":"2021-10-04T17:48:23Z","author_name":"Victor Charles","url":"/feed/149271","canonical_url":"https://wefunder.com/feed/149271"},{"id":149083,"entity_id":"wefunder:feed_item:149083","type":"FeedItem::Update","visibility":"public","title":"Filing Form C this week","preview":"We're thrilled to share with you that the independent financial review has just been completed and we'll be filing form C this week. We'll let you know once it's filed. Stay tuned!","published_at":"2021-09-28T21:33:52Z","author_name":"Victor Charles","url":"/feed/149083","canonical_url":"https://wefunder.com/feed/149083"},{"id":148713,"entity_id":"wefunder:feed_item:148713","type":"FeedItem::Update","visibility":"public","title":"In less than 24 hours we reached our first goal of $50k🙌🏼","preview":"BIG NEWS🔥!!!\u0026nbsp;In less than 24 hours we reached our first goal of $50k🙌🏼, that 's why we decided to increase our goal to $100k.\u0026nbsp;Thanks to all the Coco Lovers community and all the investors who believe in our project🙏🏽.\u0026nbsp;Together we are revolutionizing remittances🚀.Stay tuned!","published_at":"2021-09-16T20:16:03Z","author_name":"Victor Charles","url":"/feed/148713","canonical_url":"https://wefunder.com/feed/148713"},{"id":148653,"entity_id":"wefunder:feed_item:148653","type":"FeedItem::Update","visibility":"public","title":"Thousands of Venezuelan migrants rely on us to take care of their families back home🙌🏼","preview":"Thousands of Venezuelan migrants living in more than 100 countries around the world rely on us to take care of their families back home.\u0026nbsp;This commitment has prompted us to continue developing technological solutions that facilitate their lives and shorten distances🌎.This is how Pago was born, a Wallet focused on sending and receiving money via stablecoin, betting on decentralized finance to break barriers and create a strong and stable bridge between families🙌🏼🚀.","published_at":"2021-09-15T11:55:55Z","author_name":"Victor Charles","url":"/feed/148653","canonical_url":"https://wefunder.com/feed/148653"},{"id":148580,"entity_id":"wefunder:feed_item:148580","type":"FeedItem::Update","visibility":"public","title":"Celo Camp Batch's winners🏆","preview":"🚀We're happy to be the Gold Prize winner of the Celo Camp Batch 3, beating other 300 amazing startups/projects from more than 75 countries. We'll use these funds to continue to build a robust digital wallet for remittances using Celo's technology. Read more about Celo's announcement here:\u0026nbsp;https://lnkd.in/d2KrchS","published_at":"2021-09-13T17:21:38Z","author_name":"Victor Charles","url":"/feed/148580","canonical_url":"https://wefunder.com/feed/148580"},{"id":144694,"entity_id":"wefunder:feed_item:144694","type":"FeedItem::Update","visibility":"public","title":"Get to know Victor \u0026amp; the Coco Mercado story 🥥","preview":"Hi all!I recently had the pleasure of interviewing Coco Mercado co-founder and CFO, Victor. To get more on their founding story, Coco's most exciting milestone so far,\u0026nbsp; what it's been like to run a business with his brother,\u0026nbsp; and more, check it out\u0026nbsp;here!Best,Marisa, Storyteller @ Wefunder","published_at":"2021-05-04T16:44:23Z","author_name":"Marisa Trapani","url":"/feed/144694","canonical_url":"https://wefunder.com/feed/144694"}],"q_and_a":[{"id":171907,"entity_id":"wefunder:comment:171907","question":"Hey Victor, appreciate your thorough and prompt responses to the previous questions. Few follow-ups. 1) *Revenue* . How are you defining revenue? Is it the total $$ that flows through Coco Pago or through Coco Pago + Mercado or it is the % commission? Btw - what is the commission you currently charge? 2) Retention. How are you defining retention? Can you expand on 22% retention - do you consider it too low, what might be causing it and what steps you are taking to resolve it? 3) Coco Pago v/s Mercado . Seems like the initial traction has been through mercado. So, why not continue building that first v/s shifting focus to Pago? 4) Company Name - Seems like the company is called Coco Page - which happens to be one of the (current) two products. Why not have an umbrella name that covers both products and is marketable collectively across all products.","author_name":"Nikk P","votes":6,"created_at":"2021-09-30T18:01:53Z","canonical_url":"https://wefunder.com/coco.pago#question-171907","answers":[{"id":171915,"entity_id":"wefunder:comment:171915","answer":"1. Revenue = GMV on Coco Mercado. We add 15% markups (gross profit) on products sold there. 2.Retention has definitely a lot of room for improvement and this represents one of our main challenges today. While a percentage of our users use frequently (monthly), most users only use us for specific occasions (birthdays, mother’s day, Christmas, etc). To improve retention, we’re doing 2 things: (i) building Coco Pago. Many of our users asked us for ways to send money, and this product is a response to that. (ii) we’re building “Coco Prime”: a subscription program for Coco Mercado that will offer incentives for users to use us every month. 3.We see both products as complementary. Coco Mercado is more niche - for people who like to have more control over the money being sent back home, or enjoys the convenience of the service. Although focusing in this niche across different markets represents a big opportunity, in general, most people just like to send money and let the beneficiary decide how to spend it. We believe there’a a big opportunity for creating mobile financial products for the unbanked/underbanked and improve the way digital cross-border remittances work, which we don’t want to miss. We have a crypto background (launched first bitcoin exchange platform in Venezuela back in 2014) and understand the technology. As I mentioned before, we acknowledge there’s still lots of challenges ahead but our bet is: crypto, if done right, can improve the remittances space. And we want to be at the forefront of this space. 4.That’s a good point. In general, we like to call ourselves just “Coco”, but try to differentiate both products. In the long run, if Coco Pago has the success we hope it will, we might either just call it “Pago” (“Pay” in Spanish), or Call it just “Coco” as well.","author_name":"Victor Charles","votes":4,"created_at":"2021-09-30T18:42:24Z"}]},{"id":171868,"entity_id":"wefunder:comment:171868","question":"Hey Victor. Interesting concept, traction. I am considering an investment. Few questions though. 1) What is the relationship between Coco Pago and Coco Mercado? 2) Are we investing Coco Pago or Mercado or both? 3) Where can I find form C. Can you share link? 4) What were the revenue in 2019, 2020, 2021 and the annual gross profit respectively for each of these years. 5) Why wouldn't someone simply send money through a wallet? Why would they use Coco instead? 6) How did you arrive at the valuation? What's the multiple w.r.t. to your 2021 revenue 7) Can you share other KPIs: Churn, Active customers, burn rate, How often they visit for transfer. 8) You mentioned 17 months of runway through this raise. Are you accounting for the profit you are generating? It would be good to share key metrics, consider revising the existing ones for clarity and also provide a roadmap of what to expect over the next couple years.","author_name":"Nikk P","votes":4,"created_at":"2021-09-30T15:26:50Z","canonical_url":"https://wefunder.com/coco.pago#question-171868","answers":[{"id":171899,"entity_id":"wefunder:comment:171899","answer":"Hey Nikk - thanks for reaching out and for your interest in supporting us in this journey. To answer your questions: 1. They’re 2 products built under the same company. We built Coco Mercado first as a way to solve an initial problem migrants had (helping their families back home get the food they need) and second as a way to quickly capture some market share, build a significant customer base and deploy a crypto wallet (which was our initial idea) later on. Our strategy has always been: to create a product people need, that is easy to use, and a brand they can trust, then build more products on top of it. Kind of like the same way as Mercado Libre → Mercado Pago, or Alibaba → Alipay. 2. Both. 3. We already completed the legal set up on our end and the independent CPA completed the financials review 2 days ago. We’re just waiting for our folks at wefunder to draft the Form C, which hopefully will be this week. Will share a link once I have it. 4. 2019 revenue: 630k, gross profit: $83k. 2020 revenue: 7.3M. Gross profit: $920k. 2021 revenue to date: $9.5M, gross profit: $1.1M. We estimate to close the year at $15M in revenue, especially considering that Q4 is always the strongest. 5. Our thesis is: on one hand, the vast majority of people in emerging markets are either unbanked or underbanked, which is the reason why the majority of worker remittances are picked up in cash. As the world transitions to digital payments, we want to position ourselves for the digital shift in remittances. Crypto allows people to receive money from their phones, and our non-custodial wallet solution allows us to operate in many jurisditicions/corridors without the need to get a money transfer lisence and without dealing with many regulations in the space. There’s still many challenges ahead when it comes to building a solution that’s both easy to use and cheap, but if we nail it, the opportunity is huge. 6. A combination of revenue and market size opportunity. Also - we’re raising $500k in this round and after doing some math, we came to the conclusion that $8M is the minimum valuation we can do to avoid diluting too much at this stage, considering we’ve raised a $600k pre-seed in the past (including Y Combinator, which took 7% of the comapny). 7. -Retention is 22% , Monthly customers: 10k on average, burn rate last month was $40k, on average, customers use our service 4 times every year. We plan to increase retention and LTV through the wallet, and also create a subscription program (“Coco Prime”) for Coco Mercado. 8. 17 month runway for the wallet product alone, not accounting current revenue from Coco Mercado. Our goal is to show strong traction on the wallet for the next following months, which we’re confident we can achieve, then raise a series A on Q1 2022. Globally, digital cross-border remittances is estimated to go from $295B in 2021 to $428 in 2025. In the short term, our goal is to conquer Venezuela. There’s currently around 5 million Venezuelan migrants/expats. Many of them send money back home. This will grow to a 7 million migrant population within the next 2 years. We want to capture at least 1 million users within the next 2 years. Let me know if you have any other question.","author_name":"Victor Charles","votes":5,"created_at":"2021-09-30T17:33:10Z"}]},{"id":273722,"entity_id":"wefunder:comment:273722","question":"Not much has been posted on your page for sometime. Any big updates, 2023/2024 estimated revenues?","author_name":"Adam Sampson","votes":3,"created_at":"2024-01-12T07:25:59Z","canonical_url":"https://wefunder.com/coco.pago#question-273722","answers":[]},{"id":200628,"entity_id":"wefunder:comment:200628","question":"Hey Victor, congrats for what you are building! Quick one: is the investment in discussion for a new and separate business, or is Coco Pago a pivot of Coco Market (S19 YC company)? Thanks for the clarification.","author_name":"Matteo Cera","votes":2,"created_at":"2022-04-11T15:14:46Z","canonical_url":"https://wefunder.com/coco.pago#question-200628","answers":[{"id":200632,"entity_id":"wefunder:comment:200632","answer":"Hi Matteo - that's a good question that we get often. The way we see it, our goal is to become the number 1 remittances company. Our initial product, Coco Mercado, allowed us to go after the in-kind remittances market (people sending goods back home) in a successful way. Now, we're going after the cash remittances market, which represents the vast majority of the remittances market. We (the founders) have a strong background in crypto, having launched Surbitcoin, the first bitcoin exchange platform in Venezuela, back in 2014. Back then, we learned about the potential of the intersection of crypto and remittances. With this round, we hope to take Coco Pago to the next level. If it continues to grow at the same rate it has been over the last 5 weeks, this product could become our main focus. We have yet to decide whether we will include both services (send food+medicine and money via crypto) in one (super) app, or will keep them separate. We will make a decision within the next few months.","author_name":"Victor Charles","votes":1,"created_at":"2022-04-11T15:51:45Z"}]},{"id":173897,"entity_id":"wefunder:comment:173897","question":"Hey Victor, do you intend to expand to Africa in a near future?.. potential investor Speaking from Nigeria.. Thanks","author_name":"Kesiena Tony Edor","votes":2,"created_at":"2021-10-13T08:26:38Z","canonical_url":"https://wefunder.com/coco.pago#question-173897","answers":[{"id":200615,"entity_id":"wefunder:comment:200615","answer":"Once we conquer LatAm, yes! we would love to expand to Africa :-)","author_name":"Victor Charles","votes":1,"created_at":"2022-04-11T14:33:02Z"}]},{"id":172124,"entity_id":"wefunder:comment:172124","question":"Hello Victor. I work for an angel investor who is interested in working with you. Can we set up a meeting to discuss?","author_name":"Lauren Banks","votes":2,"created_at":"2021-10-01T22:26:37Z","canonical_url":"https://wefunder.com/coco.pago#question-172124","answers":[{"id":172126,"entity_id":"wefunder:comment:172126","answer":"Hi Lauren - sure. My email is victor@cocomercado.com","author_name":"Victor Charles","votes":2,"created_at":"2021-10-01T22:29:24Z"}]},{"id":171551,"entity_id":"wefunder:comment:171551","question":"Hello Victor, thank you for answering my questions. I think you are positioned for great success with Coco Pago.😀 I reserved my investment.😀","author_name":"John Pereira","votes":2,"created_at":"2021-09-28T20:01:16Z","canonical_url":"https://wefunder.com/coco.pago#question-171551","answers":[]},{"id":201968,"entity_id":"wefunder:comment:201968","question":"Hi, could you please give us your 2021 revenue? Thank you","author_name":"Lea C","votes":1,"created_at":"2022-04-21T00:12:33Z","canonical_url":"https://wefunder.com/coco.pago#question-201968","answers":[{"id":202555,"entity_id":"wefunder:comment:202555","answer":"Hi Lea, we did $13.3M in sales, and revenue was $1.1M","author_name":"Victor Charles","votes":0,"created_at":"2022-04-25T11:19:19Z"}]},{"id":174982,"entity_id":"wefunder:comment:174982","question":"Congratulations on building a cool product and your amazing growth. With the recent introduction of the Novi wallet by Facebook, how do you intend to compete with this new entrant into the space? It appears they are not charging any transaction fees which makes me wonder how this model can be profitable. I suspect Novi is simply making a play for scale and will eventually add fees. Would love to hear your strategy.","author_name":"Benjamin Comin","votes":1,"created_at":"2021-10-20T10:32:27Z","canonical_url":"https://wefunder.com/coco.pago#question-174982","answers":[]},{"id":174050,"entity_id":"wefunder:comment:174050","question":"Is this campaign still closing on the 15th?","author_name":"Calvin Nguyen","votes":1,"created_at":"2021-10-14T08:25:07Z","canonical_url":"https://wefunder.com/coco.pago#question-174050","answers":[{"id":264909,"entity_id":"wefunder:comment:264909","answer":"Hi Calvin - yes it is!","author_name":"Victor Charles","votes":0,"created_at":"2023-10-09T15:22:59Z"}]},{"id":173929,"entity_id":"wefunder:comment:173929","question":"In response to a question below, you state: “Later today we’ll be reducing our maximum goal to $60k here . As of now, ouf [sic] of the $109k in reservations, $44k added payment method added. We’ll honor those who added payment method already and allow $16k more.” Are you still planning to reduce the goal to $60K or will it remain $500K as stated elsewhere? (If it’s $60K, then - based on the $44K in payments already received - you should max out when the “invested” amount reaches $125K, correct?)","author_name":"Kevin Hardman","votes":1,"created_at":"2021-10-13T13:43:22Z","canonical_url":"https://wefunder.com/coco.pago#question-173929","answers":[]},{"id":173677,"entity_id":"wefunder:comment:173677","question":"IPO plans?","author_name":"Ryan Theil","votes":1,"created_at":"2021-10-11T21:09:40Z","canonical_url":"https://wefunder.com/coco.pago#question-173677","answers":[{"id":200617,"entity_id":"wefunder:comment:200617","answer":"That's every entrepreneur's dream, including us :-)","author_name":"Victor Charles","votes":0,"created_at":"2022-04-11T14:35:11Z"}]},{"id":172919,"entity_id":"wefunder:comment:172919","question":"Just want to confirm that you're only raising $500K this round, because the \"Details\" section of the campaign outlines how you will spend the $700K you're trying to raise.","author_name":"Kevin Hardman","votes":1,"created_at":"2021-10-06T15:26:26Z","canonical_url":"https://wefunder.com/coco.pago#question-172919","answers":[{"id":172946,"entity_id":"wefunder:comment:172946","answer":"Yes - $500k. We just raised it to $700k last minute as wefunder advised it'd be hard to increase it later if we decided to.","author_name":"Victor Charles","votes":1,"created_at":"2021-10-06T17:08:11Z"}]},{"id":171200,"entity_id":"wefunder:comment:171200","question":"Do you plan to extend your services to loans on Pago or DeFi capabilities in general to provide the unbanked with the financial services only banked people have access to?","author_name":"C Vedue","votes":1,"created_at":"2021-09-25T20:25:57Z","canonical_url":"https://wefunder.com/coco.pago#question-171200","answers":[{"id":171580,"entity_id":"wefunder:comment:171580","answer":"Yes. Microcredits using DeFi is something we'll be aiming for next year.","author_name":"Victor Charles","votes":1,"created_at":"2021-09-28T21:37:44Z"}]},{"id":170908,"entity_id":"wefunder:comment:170908","question":"Hi wanted to ask what is approx the current value of your business?","author_name":"C Vedue","votes":1,"created_at":"2021-09-23T16:20:42Z","canonical_url":"https://wefunder.com/coco.pago#question-170908","answers":[{"id":171579,"entity_id":"wefunder:comment:171579","answer":"The valuation for this round is $8M","author_name":"Victor Charles","votes":1,"created_at":"2021-09-28T21:36:11Z"}]},{"id":296825,"entity_id":"wefunder:comment:296825","question":"When can we expect another update? It's been a long time... Thank you!","author_name":"Jessica Ardis","votes":0,"created_at":"2024-11-24T03:18:12Z","canonical_url":"https://wefunder.com/coco.pago#question-296825","answers":[]},{"id":274395,"entity_id":"wefunder:comment:274395","question":"I have a couple questions: 1: What was the user growth rate for the years 2021,2022 and 2023? 2: What was the gross income and net income for the years 2021,2022 and 2023? 3: Do you plan to IPO or sell the company through acquisition? if you do plan to IPO at what valuation? 4: What percentage of the companies revenues goes back to growing the company? 5: Who are your top 3 competitors doing the exact same thing and where do you rank? 6: Are these Safe notes going to be converted into preferred stocks or common stocks? 7: How has the retention rate been for years 2021,2022 and 2023? 8: Why do you think in 2025-2026 this company will have a $1 billion dollars valuation?","author_name":"Hans J","votes":0,"created_at":"2024-01-21T14:08:41Z","canonical_url":"https://wefunder.com/coco.pago#question-274395","answers":[]},{"id":273827,"entity_id":"wefunder:comment:273827","question":"Why do you think Revolut and Wise don't have feature parity with you yet? How are you keeping your compliance costs low? Why do you list 2.5% cost to you for exchanging cryptocurrency? That seems extremely high.","author_name":"Michael Fowlie","votes":0,"created_at":"2024-01-13T04:40:19Z","canonical_url":"https://wefunder.com/coco.pago#question-273827","answers":[]},{"id":270115,"entity_id":"wefunder:comment:270115","question":"It is very interesting! I think, that this company will have a great future in making fintech apps. I also knew another company that is based on developing banking software https://finamp.io/ Btw fintech is very helpful for us in our everyday lives.","author_name":"Sergey Nabokov","votes":0,"created_at":"2023-11-28T11:05:01Z","canonical_url":"https://wefunder.com/coco.pago#question-270115","answers":[]},{"id":269997,"entity_id":"wefunder:comment:269997","question":"Hi Team! I'm part of a small cohort of angel investors we want to know more about Coco Pago. If possible, can you please answer the following? 1. What's your game plan to reach the 100M revenue in 3-5 years? 2. Do you see a future issue with policy and regulations in Venezuela due to politics and if so, how will you navigate them? 3. Is becoming a crypto exchange part of your product map? 4. Why do you think that there’s been no real winner yet in fintech for remittances in LATAM? 5. Any other finance advisors or partners that you have access to as you grow or how do you plan to navigate the industry? 6. What are your biggest needs or challenges right now? (not capital) 7. What’s the biggest impact that Coco Pago will make?","author_name":"Luisa Mendes Brasil","votes":0,"created_at":"2023-11-25T20:50:43Z","canonical_url":"https://wefunder.com/coco.pago#question-269997","answers":[]},{"id":268715,"entity_id":"wefunder:comment:268715","question":"Hi all, Wanted to ask if you'd share if this is an investment in just Coco Pago or both Pago and Mercado? What are sales like and profit so far this year and what was it like last year? What countries are you targeting growth in? Do you also see yourself growing into Africa?","author_name":"Arjav Ezekiel","votes":0,"created_at":"2023-11-11T07:13:13Z","canonical_url":"https://wefunder.com/coco.pago#question-268715","answers":[]},{"id":265690,"entity_id":"wefunder:comment:265690","question":"Hi, can you explain the difference between your $10 million form C revenue and the $90k/month revenue you share on Wefunder? Are the $10 million including Coco Mercado revenues, or Coco Pago's customers remittances?","author_name":"Lea C","votes":0,"created_at":"2023-10-16T03:09:22Z","canonical_url":"https://wefunder.com/coco.pago#question-265690","answers":[]},{"id":263927,"entity_id":"wefunder:comment:263927","question":"Hi team, Congratulations on a great run so far. Looks like a very useful product. A few questions and, sorry if it has already been answered earlier. 1.When we invest in Coco Pago do we get any stake in Coco Mercado or is coco Mercado different from coco pago? 2. If the investment is in both, could you please share a snap of how the revenue division looks so far for both? 3. What has been your CAC so far? 4. What is the exit you are considering for yourself and your investors? 5. What's the burn rate and how long could this raise take you? Could you also share a bit of goals that you plan on achieving from this raise. Have a great one.","author_name":"Arul Thiyagarajan Saravanan","votes":0,"created_at":"2023-10-03T06:07:08Z","canonical_url":"https://wefunder.com/coco.pago#question-263927","answers":[{"id":264906,"entity_id":"wefunder:comment:264906","answer":"Hi Arul! sorry for the delay here. 1. Both. They're 2 products under the same company and they both target the same market: remittances. 2. Currently, GMV (Coco Mercado) and GTV (Coco Pago) are virtually at the same levels. however, Coco Mercado's revenue currently represents ~83% of the company's revenue, and Coco Pago generates the remaining 17%. It's worth noting than Coco Pago is growing fast and we expect to see Coco Pago generating most of our revenue by the end of next year. 3. $6 4. We want to dominate Venezuela and expand to other countries in LatAm as a financial provider for underbanked/unbanked. If things go well, we expect to get acquisition's offers from larger players. 5. We're currently at break even levels. If for some reason revenue drops, we are prepared to cut back on expenses to get to break even again. Our plan/goal is to acquire +200k users within the next 6 months. This is a highly ambitious goal, that will mostly depend on execution on our end. But as we focus on being a fintech company, and there's a need for our solution in this market, we believe we can achieve it.","author_name":"Victor Charles","votes":1,"created_at":"2023-10-09T15:16:52Z"}]},{"id":263769,"entity_id":"wefunder:comment:263769","question":"Hello Victor, who do you see as your major competitors in this space? I see a number of other digital transfer services beyond Western Union including the highly rated XE. What sets you apart? Scott","author_name":"Sc Smith","votes":0,"created_at":"2023-09-30T10:27:14Z","canonical_url":"https://wefunder.com/coco.pago#question-263769","answers":[{"id":264908,"entity_id":"wefunder:comment:264908","answer":"Hi Scott - sorry for the delay here! We are aiming on becoming a financial service provider for both remitters and beneficiaries, other than just helping them move money from place A to place B. Not only we want unbanked/underbanked people in LatAm to have access to better and more modern tools to receive money, want to give them access to credit, savings, yielding and investing. We are aiming to become a super app for all things money in Latin America.","author_name":"Victor Charles","votes":0,"created_at":"2023-10-09T15:22:44Z"}]},{"id":263062,"entity_id":"wefunder:comment:263062","question":"Could you answer the question here?","author_name":"Wael Alghamdi","votes":0,"created_at":"2023-09-22T20:10:46Z","canonical_url":"https://wefunder.com/coco.pago#question-263062","answers":[]}],"faq":[{"question":"With the argument of cryptocurrency- why not just send someone money this why? Why do they need to use you? What's unique or special about your company?","answer":"The majority of the population in Latin America is unbanked. On the other side, more than +70% have a smartphone. Crypto enables people to use their bank as a bank account to receive money from anywhere in the world in minutes."},{"question":"Gentlemen, I'm trying to figure out your math... You say\"📈 GMV = $1.2M per month; $7.3M per year (1,096% YoY growth rate since 2019)\", but typically any value \"per year\" will be approximately 12 times the monthly rate. Twelve times $1.2M would be $14.4M. By the same token, a G...","answer":"Hi W Kim -- You are right. It's confusing. I just fixed it. $1.2M was our GMV on April --- $7.3M was our GMV in 2020 -- $630k was our GMV in 2019"},{"question":"Why isn't anyone answering legitimate questions? Please reply. Thanks. Blessings","answer":"I appologize -- i didn't get any notifications to my email or phone. Just realized there was an \"ask a question\" section. I spoke to the team at Wefunder and they told me I'm can't get notifications, and that i should check this page every 72 hours at least -- which i will be doing now :-)"},{"question":"Agree with W Kim Colich. Not going to invest in something that doesn't take time to answer questions.","answer":"I appologize -- i didn't get any notifications to my email or phone. Just realized there was an \"ask a question\" section. I spoke to the team at Wefunder and they told me I'm can't get notifications, and that i should check this page every 72 hours at least -- which i will be doing now :-)"},{"question":"Hi wanted to ask what is approx the current value of your business?","answer":"The valuation for this round is $8M"}]}}}