Boom, the mobile personal payment and banking service announced in May, is now open, bringing its low-cost mobile alternative to cash remittance services. The service, which targets unbanked workers who often send money home, is launching in the U.S., Mexico, Dominican Republic, Jamaica and Haiti.
ZestCash, a next generation loan-service for the underbanked led by former Google CIO Douglas Merrill, has raised $19 million to expand its data-driven approach to offering short-term loans. The company uses online data to help determine the credit worthiness of customers.
Boom, a new mobile remittance service, aims to undercut existing money wire services like Western Union with a solution that is designed to be cheaper, more flexible and built with mobile users in mind. It’s tapping the huge market for unbanked consumers.