Blockchain Banking Startup BABB Teams With Venture Capitalist Custos
Blockchain banking startup BABB (Bank Account Based Blockchain) and investment firm Custos Group have signed a collaborative partnership deal.
BABB is a decentralized banking platform leveraging blockchain, artificial intelligence (AI), and biometrics to provide anyone in the world with access to a bank account for peer-to-peer financial services. It aims to be the world bank for the micro economy by providing mobile banking services that tackles one of the world’s biggest challenges: how to effectively connect unbanked people to the economy. The company claims that its platform currently has a waiting list of over 100,000 prospective customers.
Custos is a global organizational enterprise, an international investment firm and world-wide media house that has created a unique platform with a highly differentiated strategy, targeting world-beaters and tomorrow’s enterprising disruptive innovators. It invests in young companies as well as more established businesses geared for expansion and change.
As part of the agreement, Custos will support Babb in scaling and raising capital, as well as offering marketing and communication expertise as it gears up to the public launch of its mobile app. Custos has also committed to invest a $1 million capital injection into Babb with the aim of accelerating short-term growth and traction.
“We are very excited to be working with such a future-facing VC with ambitions matching our own,” said BABB founder and CEO Rushd Averroes. “They have the specialist resource and experience to support our growth as we prepare to launch. It’s a very exciting time for the company. This support and funding will help us to realise our vision – banking the unbanked around the world.”
“We are in the business of supporting companies which are disrupting existing business models,” said Custos Group CEO Christen Ager-Hanssen. “BABB and its innovative use of blockchain are poised to disrupt the traditional banking industry. This partnership is about helping a product we believe in get to market through capital raising and scaling, as well as spreading the word about what BABB is doing to get them the attention they deserve in the marketplace via our media ecosystem that gives us access to 570 million eyeballs around the world.”
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