Launching branded in-app wallets! Wallet Engine – a Singapore based fintech raises 2.4m, led by SOSV in seed to launch with a gig economy app Quest: Hire a Hero

SINGAPORE, Dec. 24, 2021 /PRNewswire-PRWeb/ — No secret that apps with seamlessly embedded wallets capitalize on new revenue streams and increase long-term user stickiness. But most apps with a cross-border user base can’t put a digital wallet into their app because of different regulations in every country, countless integrations with local partners, and the high cost to operate and maintain payment infrastructure.

However, Wallet Engine, a Singapore-based fintech company, offers a unique service-and-technology stack that enables any app to launch an in-app wallet that becomes a seamless part of the user journey in under 30 days.

The Co-Founders are Gregor Arn (CEO), Barry Hurley (COO) with 30 years of combined experience in payments and financial service.

Wallet Engine is the invisible game-changer turning any app into a financial app so users can store & transfer money to each other.

Their first live customer – Quest, is a platform where Gen Zs can access earning opportunities by monetising their skills and time to solve everyday problems.

Quest is going by the overall model in which “Citizens” (providers of the task) post a quest (task), and “Heroes” (executors) reach out to the assignments posted.

Wallet Engine and Quest envision growing the user base and number of wallets to 5,000 within the first few months before scaling to more countries in Asia.

Here is what Quest’s CEO Evan Chow has to say about it:

“Wallet Engine allows us to seamlessly embed our Peer-to-Peer e-wallet, QuestPay, between our users. Aiding our goal for 2022 to see higher adoption by Gen Zs and empower them to earn 30% of their monthly income by the side hustling with Quest.”

“…We see embedded finance as a valuation lever and revenue driver for many apps across our ecosystem. I’m excited to see Wallet Engine simplifying this for cross-border apps’, states William Bao Bean, General Partner at SOSV.

Which only reinforces Wallet Engine and Quest’s collaboration on a journey to connect Heroes and their finances efficiently and seamlessly.

According to the CEO of Wallet Engine, Gregor Arn, the company sees itself as a behind-the-scenes enabler in cross-border in-app finance:

“We have built Wallet Engine to specifically address the challenges apps face when connecting a cross-border user base financially. Through Wallet Engine, we can enable individuals to get paid for their work, be it content creators or gig-workers. Making it a no-brainer for apps.”

Media Contact

Daria Varha, Wallet Engine, +82 1026899609, [email protected]


SOURCE Wallet Engine

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